70 entries tagged “ponzi”.
A Las Vegas company that the SEC said was a $12M+ Ponzi scheme: it told 277+ investors their money would be invested in securities and crypto via an 'artificial intelligence supercomputer' guaranteeing 20–30% annual returns. The SEC halted it in 2021; over 90% of funds came from investors.
A large-scale promoter of the $722M BitClub Network crypto-mining Ponzi. He pleaded guilty in 2020 to conspiring to sell unregistered securities and to filing a false tax return (unreported BitClub crypto income).
Son of Joy Kovar and a 'recidivist' co-operator of Profit Connect, who promoted its fake 'AI supercomputer.' Charged civilly by the SEC in 2021 and later indicted on federal fraud and money-laundering charges in 2025.
Founder and president of Profit Connect, which the SEC called a $12M+ Ponzi scheme built on a fictitious 'AI supercomputer.' The SEC said she moved millions of investor dollars to her personal accounts.
A Miami-based promoter of HyperFund. The DOJ charged him in 2024 with conspiracy to operate, and operating, an unlicensed money-transmitting business in connection with the ~$1.89B HyperFund scheme.
Co-founder of the ~$100M AirBit Club crypto pyramid scheme. He pleaded guilty and was sentenced in 2023 to 40 months in prison, with forfeiture of assets.
Founder of Bitcoin Savings and Trust, who operated under the handle 'pirateat40' and ran what the DOJ called the first federal criminal securities-fraud case involving Bitcoin. He pleaded guilty in 2015 and was sentenced in 2016 to 18 months in prison.
A Bitcoin-based global pyramid/Ponzi scheme run by Sergei Mavrodi — founder of the infamous 1990s Russian MMM scheme — that promised ~30% monthly returns by having members 'help' each other with Bitcoin 'donations.' Launched around 2015, it spread across 80+ countries before collapsing in 2016.
An Orlando, Florida investment firm (formerly the Gen-Z Venture Firm) that U.S. prosecutors allege operated as a ~$328M crypto Ponzi scheme from 2023 to 2026, promising guaranteed 3–8% monthly returns from cryptocurrency 'liquidity pools.' CEO Christopher Delgado was arrested in February 2026 on wire-fraud and money-laundering charges.
A Dubai-based MLM scheme that sold 'BTC packages' promising ~1% daily returns over 140 days plus referral commissions. In December 2017 the Texas State Securities Board issued an emergency cease-and-desist order alleging an unregistered, fraudulent securities offering; North American payouts stopped in early 2018 and the operation wound down.
An early Bitcoin Ponzi (2011–2012) run by Trendon Shavers ('pirateat40'), who promised up to 7% weekly returns and took in ~764,000 BTC. The SEC won a $40M+ judgment, and in 2016 Shavers was sentenced to 18 months — the first U.S. federal securities-fraud case involving Bitcoin.
A purported diamond-backed cryptocurrency run by Jose Angel Aman as the latest stage of a multi-year diamond-investment Ponzi. The SEC said the linked schemes raised about $30M from 300+ investors; Aman was sentenced in 2020 to six years and ordered to pay ~$23M in restitution.
A DeFi platform that falsely claimed backing by Morgan Stanley and used a paid actor as a fictitious 'CEO' while promising 1% daily returns. In May 2023 it exit-scammed roughly $31.6M, with on-chain investigator ZachXBT tracing funds bridged to Tron and Ethereum.
A purported crypto mining/trading company (founded ~2018) that the U.S. DOJ says was a Ponzi scheme promising guaranteed daily returns. Founder David Carmona was sentenced in 2024 to 121 months (~10 years) and ordered to forfeit ~$3.6M.
Two ICO tokens promoted in Vietnam by Modern Tech as MLM investments advertising up to 48% monthly returns. Widely reported as a ~$660M exit scam affecting ~32,000 people, though later Vietnamese investigation said those figures were inflated.
A 'decentralized' smart-contract investment platform the SEC called a 'textbook pyramid and Ponzi scheme', raising $300M+ (DOJ cited ~$340M). The SEC charged 11 people in 2022.
A Canadian exchange that collapsed in 2019 after the reported death of CEO Gerald Cotten. An Ontario Securities Commission review concluded it operated like a Ponzi scheme, with a ~$169M (CAD) shortfall driven by Cotten's hidden trading losses.
A global crypto Ponzi/pyramid scheme (later rebranded 'Weltsys') that the DOJ and SEC say defrauded thousands of mostly Spanish-speaking investors of ~$8.4M with promises of guaranteed returns from nonexistent crypto mining and trading. Senior promoter Juan Tacuri got the 20-year statutory maximum.
A purported crypto hedge fund that promised ~1% daily returns from an 'EX BOT' trading robot. The SEC and DOJ called it a Ponzi scheme with ~$40M+ in investor losses; head trader Joshua David Nicholas pleaded guilty and was sentenced to 51 months.
A crypto hedge fund (with affiliate VQR Multistrategy Fund) that claimed ~$90M in assets and a market-neutral arbitrage strategy. Founder Stefan Qin pleaded guilty to securities fraud after draining investor capital; he was sentenced in 2021 to 7.5 years.
A purported crypto mining and trading platform (MCC) that the U.S. DOJ called a $62M global investment fraud. Prosecutors say founder Luiz Capuci Jr. sold 'Mining Packages' and 'Trading Bots' with guaranteed returns but diverted investor funds to wallets he controlled.
Sole owner of Control-Finance Ltd, a UK-based Bitcoin 'trading' operation the CFTC called a fraud. He solicited ~22,858 BTC (~$147M) in 2017 promising guaranteed profits, made no trades, and misappropriated the funds. A 2021 default judgment ordered $143M restitution + $429M in penalties.
Founder and CEO of USFIA, which sold the gemstone-'backed' GemCoin. He fraudulently obtained ~$147M from 72,000 investors in one of the largest pyramid schemes prosecuted in the Central District of California; pleaded guilty and sentenced in 2021 to 10 years.
A large-scale promoter of BitClub Network, the $722M crypto-mining Ponzi. He pleaded guilty in 2020 to conspiring to sell unregistered securities and to tax evasion (failing to report $10M+ in income).
A top U.S. promoter of HyperFund (aka 'Bitcoin Beautee'). The DOJ said she earned over $3.7M from the ~$1.89B pyramid scheme; she pleaded guilty in January 2024 to conspiracy to commit securities fraud and wire fraud and settled parallel SEC charges.
Brother of OneCoin's vanished 'Cryptoqueen' Ruja Ignatova, who took over leadership of the ~$4B OneCoin scheme. He pleaded guilty in 2019 to fraud and money laundering, cooperated extensively with U.S. prosecutors, and in 2024 was sentenced to time served.
Brazilian national whom the SEC and DOJ identify as the creator of Forcount Trader Systems, the ~$8.4M crypto Ponzi/pyramid scheme. Charged civilly and criminally in 2022.
A senior promoter of the Forcount (Weltsys) crypto Ponzi scheme. He pleaded guilty to wire-fraud conspiracy and, in October 2024, received the 20-year statutory maximum sentence plus ~$3.6M restitution.
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.
BitConnect's lead U.S. promoter ('national promoter'). He pleaded guilty in 2021 to conspiracy to commit wire fraud — admitting he earned at least $24M — and was sentenced in 2022 to 38 months in prison.
The self-styled 'head trader' of the EmpiresX crypto Ponzi scheme, who was touted as a licensed trader despite a prior NFA bar. He pleaded guilty to securities-fraud conspiracy and was sentenced to 51 months in prison.
Australian founder of the Virgil Sigma and VQR crypto hedge funds. He pleaded guilty to securities fraud after draining a fund that claimed ~$90M, and was sentenced in 2021 to 7.5 years in prison and $54.8M forfeiture.
Identified by U.S. prosecutors as the operational leader of Forsage, a 'DeFi' platform they call a ~$340M Ponzi and pyramid scheme. He was indicted in the U.S. in 2023 (charges pending) and, per reporting, was convicted in absentia in Georgia in 2024.
Founder of PGI (Praetorian Group International), which raised $201M+ as a Bitcoin Ponzi/MLM scheme (2020–2021). He pleaded guilty in 2025 to wire fraud and money laundering and was sentenced in February 2026 to 20 years in prison.
Estonian co-founder of HashFlare, a cloud-mining service the DOJ called a $577M Ponzi scheme. He pleaded guilty to wire-fraud conspiracy in 2025 and was sentenced to time served (16 months).
Estonian co-founder of HashFlare, a cloud-mining service the DOJ called a $577M Ponzi scheme. He pleaded guilty to wire-fraud conspiracy in 2025 and was sentenced to time served (16 months), forfeiting hundreds of millions for victims.
Co-founder of AirBit Club, a ~$100M global cryptocurrency pyramid scheme. He pleaded guilty and was sentenced in 2023 to 12 years in prison, with a $65M forfeiture.
Founder of IcomTech, a purported crypto mining and trading company that the DOJ called a Ponzi scheme. He was convicted of wire-fraud conspiracy and sentenced in 2024 to 121 months (about 10 years) in prison.
Founder of GAW Miners and ZenMiner, which sold 'hashlets' and the PayCoin token. He pleaded guilty to wire fraud over a ~$9.18M virtual-currency Ponzi scheme and was sentenced in 2018 to 21 months in prison and over $9M in restitution.
Co-founder of Mining Capital Coin. The SEC charged him alongside Luiz Capuci Jr. over MCC's allegedly fraudulent mining-package sales and obtained a default judgment of roughly $46M against the pair in 2025.
Founder and CEO of Mining Capital Coin (MCC). The U.S. DOJ indicted him in 2022 for an alleged $62M global crypto investment fraud built on 'Mining Packages' and 'Trading Bots'; the SEC won a default judgment against him in a parallel civil case.
A 2014–2015 virtual currency created by Homero 'Josh' Garza via GAW Miners/ZenMiner. The SEC and DOJ said it was a Ponzi scheme built on 'Hashlets' that didn't exist plus false claims of a $100M reserve. Garza pleaded guilty to wire fraud; victims lost $9M+.
A Russia-based crypto Ponzi led by Instagram influencer Kirill Doronin that took in over $1.5B in Bitcoin from ~800,000+ deposits (Dec 2019–Aug 2021), promising up to 30% monthly returns. It collapsed in July 2021 when withdrawals stopped; Doronin and associates were arrested.
A global multi-level-marketing scheme that sold 'investment packages' promising 300% returns over 16 months from purported forex trading, paid in crypto. Per the U.S. DOJ it raised over $650M from thousands of investors, then collapsed in 2022 blaming a 'hack'; founders were indicted in 2025.
A purported medicinal-cannabis 'e-growing' investment platform that was in fact a Ponzi scheme. From 2020 to 2022 it took about €645M (~$688M) from ~186,000 investors with promises of 6–14% monthly returns, then froze withdrawals. Europol coordinated nine arrests in April 2024.
An Estonia-based cloud-mining operation that sold ~$577M in 'mining' contracts (2015–2019) while owning a tiny fraction of the advertised hashpower. Founders Sergei Potapenko and Ivan Turõgin pleaded guilty to wire-fraud conspiracy in 2025 and agreed to forfeit $400M+.
A UK-registered operation that the CFTC says fraudulently solicited at least 22,858 BTC (~$147M) from more than 1,000 customers in 2017 by falsely claiming expert trading and referral rewards. A U.S. court entered a default judgment against principal Benjamin Reynolds.
A self-described 'investment club' led by Eddy Alexandre claiming a secret bot produced 5–9.99% weekly returns. DOJ/CFTC said it was a Ponzi/MLM that mainly targeted the Haitian-American community; ~25,000 investors put in ~$250M. Alexandre got 9 years.
A multi-level-marketing firm led by Ramil Ventura Palafox that claimed AI-powered Bitcoin/forex trading with daily returns up to 3%. Per DOJ/SEC it was a Ponzi: 90,000+ investors put in $201M+; net losses ~$62.7M. Palafox was sentenced in 2026 to 20 years.
An India-based Bitcoin Ponzi launched in 2015 by Amit Bhardwaj, promising 10% monthly returns for 18 months via an MLM model. India's Enforcement Directorate alleged ~80,000+ BTC was collected; loss estimates vary widely. Bhardwaj was arrested in 2018 and died in 2022.
A China-based MLM 'wallet/trading' Ponzi (2018–2019) that falsely claimed trading bots generated profits. A Chinese court found it took ~7.7 billion yuan (~$1.1B) from 715,000+ investors; operators were convicted in 2020. Closely tied to the larger PlusToken scheme.
A 2016–2018 MLM scheme that the SEC says raised 82,000+ BTC (~$295M at the time) from 100,000+ investors on the false promise of a trading 'bot'. The SEC charged founder Douver Braga and promoters; Braga was extradited to the U.S. and faces criminal charges.
A global multi-level-marketing 'crypto mining/trading' club (2015–2020) that the U.S. DOJ says was a ~$100M Ponzi scheme. Members saw fake on-screen 'profits' they could not withdraw. Founders and promoters pleaded guilty; co-founder Rodriguez was sentenced to 12 years.
A crypto 'membership' scheme (also HyperVerse/HyperNation) promising daily passive rewards from non-existent mining. The SEC cited $1.7B raised; the DOJ described a $1.89B fraud.
A Bitcoin 'mining pool' scheme (2014–2019) that the U.S. DOJ says took at least $722M by selling shares in non-existent mining returns and rewarding recruitment.
A South Africa-based operation that accepted only Bitcoin for a 'commodity pool' it claimed a bot traded. The CFTC called it the largest Bitcoin fraud it has charged — at least 29,421 BTC (~$1.7B) from 23,000+ people.
A wallet-based Ponzi scheme that operated mainly in China and South Korea (2018–2019), promising high returns. Estimates of funds taken range from about $2 billion to over $4 billion; Chinese courts convicted ringleaders in 2020.
A high-yield 'lending program' built around the BCC token (2016–2018). Per a U.S. federal indictment, founder Satish Kumbhani ran it as a Ponzi scheme that took about $2.4 billion from investors worldwide.
A multi-level-marketing scheme based in Bulgaria that sold a cryptocurrency with no underlying blockchain or value. Per the U.S. DOJ, victims invested more than $4 billion. Co-founder Ruja Ignatova ('Cryptoqueen') remains a fugitive.
A ~$147M pyramid scheme (2013–2015) by U.S. Fine Investment Arts (USFIA) that sold 'Gem Coins' — a digital currency falsely claimed to be backed by billions in amber and gemstones from nonexistent mines. Founder Steve Chen pleaded guilty and was sentenced in 2021 to 10 years.
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.
A multi-level-marketing 'crypto and forex' investment program that the SEC says raised more than $650M from over 200,000 investors (2019–2023), many in the Haitian-American community. The SEC charged founders Cynthia and Eddy Petion in 2024, alleging a fraudulent Ponzi/pyramid scheme.
Founder of PlusToken, one of the largest crypto Ponzi schemes ever — a ~$2.25B+ pyramid (2018–2019) that drew 2M+ members with a fake 'arbitrage' return. A Chinese court convicted him and 13 others in 2020, with sentences up to 11 years.
Founder of BitConnect, which the U.S. DOJ called a $2.4B Ponzi scheme. Indicted in February 2022 on wire-fraud, money-laundering, and price-manipulation conspiracies, he vanished and remains a fugitive (reportedly traced by Indian authorities to Ahmedabad).
Brazilian national who the SEC says created and controlled Trade Coin Club, a crypto MLM that raised ~82,000 BTC (~$295M) from 100,000+ investors as a Ponzi scheme. Charged civilly by the SEC (2022) and criminally; later extradited to the U.S.
Indian entrepreneur who founded GainBitcoin / GB Miners, described by police as one of India's largest crypto Ponzi schemes (~$300M+, collecting an estimated 80,000+ BTC). Arrested in 2018; he died in January 2022 before the cases concluded.
Founder and CEO of EminiFX, a purported crypto and forex 'Robo-Advisor' platform. He pleaded guilty to commodities fraud over a scheme that took more than $248M from 25,000+ investors and was sentenced in 2023 to nine years in prison.
Co-founder of NovaTech with his wife Cynthia Petion. The SEC alleges the couple operated NovaTech as a $650M crypto/forex Ponzi and pyramid scheme. Charged civilly by the SEC in 2024.
Co-founder and self-described CEO ('Reverend CEO') of NovaTech. The SEC alleges she and her husband ran NovaTech as a $650M crypto/forex Ponzi and pyramid scheme and siphoned millions for themselves. Charged civilly by the SEC in 2024.
Fintoch ('Morgan DF Fintoch') operated on BNB Chain, claimed Morgan Stanley affiliation, and advertised 1% daily returns. ZachXBT reported the team withdrew about $31.6M in USDT in May 2023; a related arrest later occurred in Bangkok.
