Wall Street

Crypto Pyramid Scheme Alleged by SEC; 11 Are Charged

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The Street

By Rob Daniel Eleven people were charged in a crypto pyramid scheme that authorities said drew more than $300 million from investors. Eleven people were charged with creating and promoting a cryptocurrency-based pyramid scheme that authorities said drew more than $300 million from retail investors worldwide. The U.S. Securities and Exchange Commission said in an Aug. 1 statement that it charged the four founders of Forsage and three U.S.-based people whom the founders employed to promote the pyramid scheme on its website and social media. Also named in the complaint, filed in U.S. District Cou…

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