The US Securities and Exchange Commission (SEC) has accused officials of Forsage, which it claims is a ponzi scheme.
The SEC has indicted 11 people who were involved in the founding and promotion of Forsage, the crypto pyramid and ponzi scheme that has raised more than $300 million in funds from millions of investors.
Among the people accused and punished by the SEC are its four founders, as well as the names that carry out advertising activities.
According to the SEC’s statement, the founders reside in Russia, Georgia and Indonesia. All three supporters living in the USA are carrying out their social media activities.
According to the SEC, Vladimir Okhotnikov, Jane Doe, Mikhail Sergeev, and Sergey Maslakov launched Forsage.io, which allows millions of investors to transact via smart contracts.
According to the regulator’s report, the Philippines Securities and Exchange Commission in September 2020 and a Montana Securities and Insurance official in March 2021 accused Forsage of fraud and asked it to cease operations. However, despite all this, Forsage continued to advertise on various channels such as YouTube.
Carolyn Welshhans, Deputy Head of the SEC’s Cryptoassets and Cyber Division, said:
“As stated in the complaint, Forsage is a fake ponzi scheme aggressively marketed to investors.
By focusing their plans on smart contracts and blockchains, scammers cannot circumvent federal securities laws.”
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