Mauricio Chavez
Founder of CryptoFX, a Houston-based $300M Ponzi scheme that targeted Latino investors. The SEC says he used most investor funds for fake returns and personal spending; he pleaded guilty to wire fraud and was sentenced to prison.
Also known as: Mauricio Chavez
Bio
Mauricio Chavez founded and controlled CryptoFX, LLC, which claimed to trade crypto and forex for investors but, per the SEC, was a Ponzi scheme that raised ~$300 million from 40,000+ mostly Latino investors. The SEC alleges he spent investor money on fake returns and personal luxuries (cars, jewelry, a house in his wife's name). [1][2]
Legal outcome
The SEC halted CryptoFX in September 2022. Chavez pleaded guilty to wire fraud and was sentenced to prison (reported at 21 months), with parallel SEC remedies. [1][2]
Bracketed numbers refer to the numbered sources listed below.
Linked scams & cases
Sources (2)
See also
Luke BelmarIndividualsCryptocurrency influencer Luke Belmar (@lukebelmar on X) became the subject of controversy following allegations related to the promotion of a memecoin. Critics on social media alleged that Belmar used a series of posts referencing a forthcoming cryptocurrency project and a large-scale airdrop to generate interest in a token without explicitly identifying a specific contract address. Belmar published multiple posts discussing an upcoming memecoin, describing plans for what he characterized as a major airdrop and making comparisons to other cryptocurrency projects. Because no contract address was publicly provided, several tokens emerged claiming association with his statements. Critics alleged that this ambiguity enabled speculation around multiple tokens while avoiding a direct endorsement of any particular asset.
HEX / PulseChain (Richard Heart)ProjectsCrypto projects (HEX, PulseChain, PulseX) created by Richard Heart (Richard Schueler). In July 2023 the U.S. SEC sued him for offering unregistered securities that raised $1B+ and for allegedly misappropriating ~$12M for luxury goods (including a 555-carat diamond). A court dismissed the case in 2024 for lack of U.S. jurisdiction; there was no finding of wrongdoing and Heart denies the allegations.
This page was last updated on Jun 15, 2026. View revision history.
