Crypto Scams
If you have been a victim of one of these crypto schemes or crypto scams, you might be interested in this story. Very recently, the Commodities Futures Trading Commission, which governs the regulatory process of things like crypto, has settled charges with one of these crypto trading scams. A lot of these crypto schemes are operating in the margins of a fake investment or an unregulated security. In many cases, they are manipulating the prices or making the investments go away altogether. They’re disappearing into thin air.
Identifying Scam Indicators
So, if you had some investment in one of these crypto schemes and your money disappeared, or they made you pay more money to get it back, or if the values fluctuated in a weird way, you may discover that it was a scam to begin with. You might have some recourse. The first thing to do is gather up all your evidence. You want to make sure you document everything.
Reporting the Scam
In case of financial fraud, you need to know how to go about reporting it. You want to get your report in as soon as you can to the proper authorities. The most common one is the IC3, which is a division of the FBI. If you have been scammed out of money, you can also report it to your more local law enforcement or the attorney general. Sometimes, they won’t take the case easily; you have to really push them to do it.
Enforcement Action and Penalties
This company that was recently involved in enforcement action has to pay a $5 million penalty, and they are permanently banned from operating in that world. So, if you see these crypto schemes out there offering very high rates of return, and once you get the money in, they kind of jerk you around on whether you’re going to get your money back, this is an example of those firms being prosecuted. The government is onto it. They know what’s going on, they know that these types of frauds are out there, and they’re taking action.
