CryptoFX
A Houston-based operation that the SEC says was a $300M Ponzi scheme targeting 40,000+ predominantly Latino investors with promises of 15–100% returns from crypto and forex trading. The SEC halted it in 2022 and later charged 17 network leaders; founder Mauricio Chavez pleaded guilty to wire fraud.
Also known as: CryptoFX, CryptoFX LLC
Summary
CryptoFX, LLC, founded and controlled by Mauricio Chavez in Houston, Texas, claimed to trade crypto and foreign-exchange markets, promising returns of roughly 15–100%. The SEC says that from May 2020 to October 2022 it raised about $300 million from more than 40,000 mostly Latino investors across the U.S. and two other countries — but was a Ponzi scheme. [1][2]
Mechanism
Per the SEC, Chavez used more than 90% of investor funds to pay fake returns, commissions, and his own lifestyle rather than for the promised trading; co-principal Giorgio Benvenuto allegedly diverted funds as well. The SEC obtained an emergency halt in September 2022 and, in 2024, charged 17 additional CryptoFX "network leaders." [1][2]
Outcome
Chavez pleaded guilty to wire fraud and was sentenced to prison (reported at 21 months); the SEC's parallel and follow-on civil actions sought disgorgement and penalties from the principals and promoters. [1][2]
Bracketed numbers refer to the numbered sources listed below.
People & entities involved
Sources (2)
See also
- Bitcoin Latinum (LTNM)TokensA ~$16M token offering (SAFTs for 'Bitcoin Latinum' / LTNM) that the SEC charged in 2026 as fraud: founder Donald Basile falsely called LTNM 'the world's first insured digital asset' backed by an 'existing trust,' neither of which existed, and diverted investor funds for personal use (including a $160,000 horse).
- Loci (LOCIcoin)TokensA 2017–2018 ICO for 'LOCIcoin' tied to the InnVenn IP-search platform. The SEC charged Loci and CEO John Wise with fraud for raising $7.6M on false claims about revenue, headcount, and user base; Wise also misused investor funds. Settled with a $7.6M penalty and an officer/director bar.
- Blockchain Terminal (BCT)Tokens
This page was last updated on Jun 8, 2026. View revision history.