SEC sues crypto firms for defrauding investors out of $14 million
Multiple cryptocurrency companies were sued by federal regulators this week for their alleged role in an elaborate investment scam that siphoned more than $14 million from retail investors.
The Securities and Exchange Commission (SEC) filed charges on Monday against Morocoin Tech, Berge Blockchain Technology, Cirkor, AI Wealth, Lane Wealth, AI Investment Education Foundation and Zenith Asset Tech Foundation.
SEC lawyers said in a 29-page complaint that the companies ran “investment clubs” on WhatsApp that brought in users from advertisements on social media. Many of the advertisements used deepfake videos of prominent financial professionals and the group chats had fake professors who posted commentary on the economy and…
