CFTC Charges Florida, Louisiana, Arkansas Residents With Crypto Fraud
The regulator says the defendants managed to lure more than 14,000 individuals by creating weekly false claims.
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Legal action has been taken by the Commodity Futures Trading Commission (CFTC) against individuals and their organization, Fundsz, alleging their involvement in a deceptive scheme involving cryptocurrencies and precious metals trading.
Rene Larralde of Melbourne, Florida, Juan Pablo Valcarce of West Melbourne, Florida, Brian Early of New Orleans, Louisiana, and Alisha Ann Kingrey of Franklin, Arkansas, along with their unincorporated entity Fundsz, are facing allegations of misleading investment solicitations. They allegedly lured investors with implausible returns based on an alleged "proprietary algorithm".
The CFTC filed a lawsuit in the U.S. District Court for the Intermediate District of Florida, alleging that the defendants lured clients by promising steady 3% weekly profits through cryptocurrency and precious metals trading.
Today the CFTC indicted residents of Florida, Louisiana and Arkansas for ongoing cryptocurrency fraud and precious metals. Learn more: https://t.co/pcaH2kmUBB
— CFTC (@CFTC) August 11, 2023They incorrectly portrayed Fundsz as a profitable business, claiming that a $2,500 investment could grow to $1 million in just 48 months. Additionally, the defendant falsely linked Fundsz to charitable initiatives, capitalizing on the allure of contributing to worthy causes.
The regulator also claims that the defendants managed to lure more than 14,000 individuals by creating weekly misrepresentations. Nevertheless, according to the CFTC, the reality is that Fundsz did not actually exchange client funds. The whole business seems to have been established on fabricated profits and misleading claims.
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The regulator says the defendants managed to lure more than 14,000 individuals by creating weekly false claims.
News
Join us on social networks
Legal action has been taken by the Commodity Futures Trading Commission (CFTC) against individuals and their organization, Fundsz, alleging their involvement in a deceptive scheme involving cryptocurrencies and precious metals trading.
Rene Larralde of Melbourne, Florida, Juan Pablo Valcarce of West Melbourne, Florida, Brian Early of New Orleans, Louisiana, and Alisha Ann Kingrey of Franklin, Arkansas, along with their unincorporated entity Fundsz, are facing allegations of misleading investment solicitations. They allegedly lured investors with implausible returns based on an alleged "proprietary algorithm".
The CFTC filed a lawsuit in the U.S. District Court for the Intermediate District of Florida, alleging that the defendants lured clients by promising steady 3% weekly profits through cryptocurrency and precious metals trading.
Today the CFTC indicted residents of Florida, Louisiana and Arkansas for ongoing cryptocurrency fraud and precious metals. Learn more: https://t.co/pcaH2kmUBB
— CFTC (@CFTC) August 11, 2023They incorrectly portrayed Fundsz as a profitable business, claiming that a $2,500 investment could grow to $1 million in just 48 months. Additionally, the defendant falsely linked Fundsz to charitable initiatives, capitalizing on the allure of contributing to worthy causes.
The regulator also claims that the defendants managed to lure more than 14,000 individuals by creating weekly misrepresentations. Nevertheless, according to the CFTC, the reality is that Fundsz did not actually exchange client funds. The whole business seems to have been established on fabricated profits and misleading claims.
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