SEC Charges 3 Individuals, 5 Companies With Operating Pig Butchering Scams

“Relationship funding scams, together with these involving investments in crypto belongings, pose a danger of catastrophic hurt to retail buyers, and the risk is quickly growing as these scams turn out to be extra standard amongst fraudsters,” mentioned Gurbir S. Grewal, director of the SEC Division of Enforcement, in a information launch. “In these two circumstances, we allege that fraudsters created faux crypto ecosystems that introduced false info to buyers. Our allegations function a reminder to the general public to be further alert to potential funding alternative scams promoted by strangers on social media.”