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Securities and Exchange Commission accuses man of seizing $3.6 million in crypto

Securities and Exchange Commission accuses man of seizing $3.6 million in crypto

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Answer Securities and Exchange Commission accuses man of seizing $3.6 million in crypto

The US Securities and Exchange Commission (SEC) recently charged Ryan Jenster with a crypto fraud.

The regulator accused him of conducting two unregistered and fraudulent securities offerings.

The agency announced on Friday that the scammer collected more than $3.6 million in cryptocurrency from retail investors.

According to the regulatory complaint, California-based Ryan promised to deliver significant returns between 2018 and 2021 through two online platforms:

“MyMicroProfits.com” and “Social Professional”.

He emphasized offering astronomical returns to investors, claiming that he would invest money in cryptocurrency trading and ad arbitrage.

But all of his promises were false as he deceived investors about using the money raised and embezzled nearly $1 million of the money he had collected to pay for personal expenses, including tax payments, housing expenses and credit card bills.

Read:Exploiting a DeFi project built on the BSC blockchain and stealing $80 million from BNB

The commission has accused Ryan of violating anti-fraud and registration provisions and is now seeking permanent injunctions, removal of advance rulings and civil penalties.

Michael Win Lane, director of the SEC’s Los Angeles regional office, said:

Defendant Ryan Jenster allegedly participated in a fraudulent scheme to raise millions in cryptocurrency using online investment programs, and then converted the cryptocurrency for his own benefit.

Individuals hiding behind anonymity in cryptocurrency transactions to defraud investors should expect the SEC to track down their illegal activity and hold them accountable for their actions.

Rampant Crypto Scams:

Meanwhile, the Securities and Exchange Commission (SEC) has actively continued to corrupt fraudulent investment schemes that defraud investors of millions of dollars.

Recently, the agency sued Mirror Protocol, a cryptocurrency developer, for an alleged violation of federal securities laws.

Last month, the Securities and Exchange Commission (CFTC) and the Commodity Futures Trading Commission (CFTC) separately charged SwapStar and its operator with solicitation of fraud and embezzlement of funds that often acted as a Ponzi scheme.

Read:CoinMarketCap accused of manipulating XRP prices

Read also:

Binance founder says: Binance lost 3% of its customers due to KYC requirements

Concerns about compensation for victims of “Mt. Gox increases the pressure on the bitcoin price


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