SEC Charges 17 in $300M Ponzi Scheme Targeting Latino Investors

The scheme, involving CryptoFX, promised high returns on crypto and foreign exchange investments, affecting over 40,000 victims across 10 states and two countries.

• The SEC has charged 17 individuals for their roles in a $300 million Ponzi scheme that predominantly targeted Latino investors, promising financial freedom and life-altering wealth.
• CryptoFX, the company at the center of the scheme, was halted by the SEC in September 2022, with ongoing investigations identifying more individuals involved.
• Investors were promised returns of 15 to 100 percent, but the funds were mostly not used for trading purposes, instead paying off supposed returns to other investors and funding the defendants' lifestyles.
• Even after a court order to stop the scheme, two defendants, Gabriel and Dulce Ochoa, continued to solicit investments, with one accused of instructing investors to rescind their complaints to the SEC.
• The SEC is seeking permanent injunctions, disgorgement with prejudgment interest, and civil penalties against each defendant, with two already agreeing to final judgments without admitting or denying the allegations.

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