The Securities and Exchange Commission suspects several business entities are fronts for dual international fraud schemes that bilked at least $15 million from investors via WhatsApp and other social media platforms.

The complaints against Cryptoaiml and TSAI were filed in New York federal court, accusing the companies of schemes that falsely told investors they were in regulatory compliance while stealing at least $12.5 million and $2.8 million, respectively.

“Although the methods used to bilk innocent investors in these fraudulent investment scams varied, the goal was the same—promise potential investors outside returns, claim that they were legitimate entities regulated by the SEC, and then steal their money,” SEC Enforcement…