Edit: CryptoFX — CryptoScamsWiki

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## 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]

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