Bloomberg Law
Aug. 1, 2022, 4:11 PM

SEC Sues 11 Individuals in $300m Crypto Pyramid Scheme

Georgi Azar

The SEC says it sued 11 individuals behind Forsage, an alleged fraudulent crypto pyramid and Ponzi scheme that raised more than $300m from millions of retail investors worldwide, including the US.

  • Those sued include the four founders of Forsage as well as three US-based promoters
  • SEC says Forsage allowed millions of retail investors to enter into transactions via smart contracts that operated on the Ethereum, Tron and Binance blockchains
  • SEC says Forsage allegedly operated as a pyramid scheme for more than two years, in which investors earned profits by recruiting others into the scheme
  • Two of the sued, Samuel D. ...

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