SEC Sues 11 Individuals in $300m Crypto Pyramid Scheme

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. ...