Mauricio Chavez introduces himself as an expert on cryptocurrencies to teach Latin investors the secret of their success. He claimed to make those who followed his advice millionaires. In fact, according to the Securities and Exchange Commission (SEC), what he did was trick some 5,000 investors into giving their money into a pyramid scheme that he assured would bring great benefits to his victims. In fact, they spent most of the money on their own investments, such as the purchase of homes, jewelry and a car, and personal expenses including hostess clubs, according to the American Financial Observer.
The SEC filed an emergency action in court on September 19 to prevent fraudulent and unregistered crypto asset offerings targeted to Latino investors run by defendants Mauricio Chavez and Giorgio Benvenuto, through a company founded by Chavez, CryptoFX, LLC. An emergency action was taken for At the request of the SEC, the court halted the offering, issuing a temporary asset freeze order and other emergency measures. After a hearing last Thursday, September 29, the court also approved the SEC’s proposal for a receiver and extended the asset freeze.
Chavez, 41, who lives in Houston, Texas, had no experience, education, or training in investing or crypto assets, but in 2020, he began teaching paid classes (at a cost of $500 to $1,500 per course) with the stated purpose did. Educating and empowering the Latino community to create wealth through investing in crypto assets….
