Carolyn Welshhans

The Securities and Exchange Commission (SEC) has charged 11 individuals for their alleged role in the creation of a “fraudulent crypto pyramid scheme” platform Forsage.  The charges were laid in a United States District Court in Illinois on August 1, with the SEC alleging that the founders and promoters of the platform used the “fraudulent crypto pyramid and Ponzi scheme” to raise more than $300 million from “millions of retail investors worldwide.” The SEC complaint states that Forsage was modeled such that investors would be financially rewarded by recruiting new investors to the platform in a “typical Ponzi structure,” which spanned multiple countries including the United States and Russia.  According to the SEC, a Ponzi scheme is an investment fraud th...