HOUSTON – The fear of missing out on the next big thing can cause people to make risky decisions.
KPRC 2 Investigates a Houston man accused of targeting the Latino community and people who are just trying to grow money for their families by investing in cryptocurrency. Our KPRC 2 Investigates team breaks down what federal officers say was a Ponzi scheme that cost some families their life savings.
Luxury cars, high-dollar hotels and ritzy restaurants
Federal investigators say Mauricio Chavez lived lavishly after swindling some 5,000 families out of more than $12 million.
“So, this is my contract right here, CFX Academy LLC.,” said Edgar Rodriguez.
Edgar Rodriguez gave CryptoFX, the company owned by Chavez, $5,000. Rodriguez and his brother-in-law went to the company’s building on Blalock where Chavez and other employees held classes, accepted money and made pay-outs.
“And you see people getting $20,000, $30,000 for a bonus for getting people in (and) we’re like, it actually sounds pretty good,” said Rodriguez.
In court documents obtained by KPRC 2 Investigates, Securities and Exchange Commission investigators…
