ASIC took civil action against investment scam in 2020 and closed down the unregistered managed investment scheme operated by Marco and AMS Holdings (WA) Pty Ltd, the AMS Holdings Trust. ASIC’s probe and action lead to the criminal charges against Marco who now faces a maximum penalty for each offence of seven years imprisonment, or…
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The CFTC further revealed that the operators of the scheme even failed to register as commodity pool operators (CPOs) and associated persons (APs) of CPOs, which is mandatory for operators of such business. The court found that the defendants are liable for solicitation fraud, multiple CFTC registration violations, and failure to comply with CPO rules.…
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Additionally, Seibert told the investors that he would find the lending opportunities, conduct due diligence to confirm that the borrower was qualified, and handle the closing and servicing of the loan. Instead using the funds for loans, Seibert pooled and used most of the money to trade commodity interests in his personal trading account and…
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Out of the total number, investment scams accounted for the highest loss with $701 million in 2021, followed by payment redirection scams and romance scams which with losses of $227 million and $142 million, respectively. The increasing popularity of cryptocurrency has contributed to the growing amount of investment scams, according to the report. The ACCC…
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ASIC discovered that Arandez obtained $2.5 million from Australian investors based on false and misleading statements. He claimed the funds would be invested in property and cryptocurrency and used the fund in part for personal benefit and to pay returns to other investors. The regulator acted quickly in order to personal benefit and to pay…
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Rickard added: Australians should be very wary of anyone asking them to invest in or transfer money using cryptocurrency, especially if it’s someone you have only met online. Many consumers are unfamiliar with the complexities of cryptocurrency and this can make them more vulnerable to scams. Between January and May 2022, there has also been…
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SEC also stated that EIA and Middlebrooks misused new investor money in a Ponzi-like manner. They made payments to other investors in the fund in order to continue the deception that the fund was profitable. The US watchdog alleges that Middlebrooks also misappropriated investor funds for personal use, including for jewelry and credit card payments.…
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The “Share my screen” scam According to the FCA, the scammers are targeting people between the age of 18 and 70. The regulator explained that the scammers gain control of the victim’s computer with screen-sharing software in order to steal information or access the financial accounts. The potential victims are usually contacted “out of the…
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The scheme According to the CFTC, Yang and her companies ran the trading scheme between April 2017 and March 2020. The defendants solicited investors and raised funds for the purported purpose of forex trading. The regulator alleges that the defendants made several false representations to the existing and potential pool participants of the scheme. They…
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The CFTC found that the fraudulent actions of the defendants began in September 2020. They fraudulently solicited $7.2 million from 322 clients, promising to use the funds to trade forex and cryptocurrency in individual managed accounts. According to the regulator, Tinoco and his company, Kikit & Mess Investments did not trade their clients’ money as…
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