US Regulators Accuse $ 27M Fraud on 1st Million Pool Founders

 The US Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission (CFTC) have accused the founders of the “1st Million Pool” pyramid of defrauding more than 1,000 investors and stealing $ 27 million.

Fraudsters attracted investors with promises of high income, which the 1st Million Pool allegedly received from successful trading in Forex and using cryptocurrencies. The founders of the pyramid told investors that they were taking their funds into trust. Interestingly, according to the SEC, the promised percentage of “profit without any risk” ranged from 6% to 42%, while the CFTC says about 30% profit per month. Of the $ 27 million raised, the founders of the scheme spent $ 7 million on their own purchases and needs, and the remaining $ 18 million was spent on the pyramid.

One of the accused, named Dennis Jali, posed as a pastor and millionaire who made his own fortune. He held meetings in a rented office and invited new members to the pyramid. Often the victims were “vulnerable African immigrants” who trusted the black pastor. Jali fled to South Africa last year, but was arrested there on charges of securities and money transfer fraud and money laundering.

Recall that at the end of July, the Chinese police detained 27 main suspects in organizing the PlusToken cryptocurrency pyramid, as well as 82 key participants in the scheme. Damage from PlusToken is estimated at $ 5.7 billion.

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