The U.S. Securities and Exchange Commission (SEC) issued a statement on Feb. 12, after a federal jury found Ismael Sanchez liable for securities fraud and registration violations related to the CryptoFX scheme.
Margaret A. Ryan, Director of the Division of Enforcement, stated: “We are pleased with the jury verdict holding Mr. Sanchez liable for fraud and other violations for his role in soliciting retail investors to put their money into this egregious Ponzi scheme. This action demonstrates our ongoing commitment to our core mission of protecting investors and holding wrongdoers accountable. I thank the trial team for its hard work and professionalism in trying this case.”
Trial evidence showed:
FAQ ⏰ Who is Ismael Sanchez in the CryptoFX case? Ismael Sanchez was found liable by a federal jury for securities fraud and registration violations tied to CryptoFX. How much did CryptoFX raise from investors? The scheme raised more than $300 million from approximately 40,000 investors. What returns did CryptoFX promise investors? CryptoFX promised 15% monthly returns from crypto asset and foreign exchange trading. How much cash did the receiver report recovering in 2023? The court-appointed receiver reported $3,661,599.05 in cash on hand as of June 30, 2023.
