The U.S. Securities and Exchange Commission (SEC) on Dec. 22 announced charges against three purported crypto asset trading platforms and four investment clubs, alleging a wide-ranging fraud scheme that targeted retail investors through social media promotions and messaging apps.

The chief of the SEC’s Cyber and Emerging Technologies Unit, Laura D’Allaird, said: “This matter highlights an all-too-common form of investment scam that is being used to target U.S. retail investors with devastating consequences.” She added: “Fraud is fraud, and we will vigorously pursue securities fraud that harms retail investors.”

The agency detailed the scale of the alleged misconduct, stating:

The defendants misappropriated at least $14 million from U.S.-based retail investors and funneled those funds overseas through a web of bank accounts and crypto asset wallets, as alleged.

The regulator described how the defendants allegedly used paid advertisements on social platforms to recruit victims into Whatsapp groups, where individuals posing as financial professionals promoted artificial intelligence-driven trading tips before directing participants to fake crypto asset trading platforms and nonexistent security token offerings.

The alleged operation involved purported crypto asset trading platforms Morocoin Tech Corp., Berge Blockchain Technology Co. Ltd., and Cirkor Inc., along with investment clubs AI Wealth Inc., Lane Wealth Inc., AI Investment Education Foundation Ltd., and Zenith Asset Tech Foundation.

Read more: SEC Publishes Crypto FAQs Clarifying Trading, Custody, and Market Infrastructure Rules

Court filings outline that no legitimate trading occurred and that investors were allegedly pressured to pay additional fees when attempting withdrawals. The civil complaint, filed in the U.S. District Court for the District of Colorado, accuses the defendants of violating the anti-fraud provisions of the Securities Act of 1933 and the Securities Exchange Act of 1934, with the SEC seeking permanent injunctions, civil penalties, and disgorgement with prejudgment interest.

Separately, the SEC’s Office of Investor Education and Assistance issued guidance urging investors to verify promoters through Investor.gov and remain cautious of opportunities promoted in online group chats. While enforcement actions highlight ongoing risks, regulated crypto businesses, transparent blockchain networks, and compliant tokenization projects continue to demonstrate lawful use cases that support innovation alongside investor protections.

• What did the SEC allege against the crypto platforms?
  The SEC alleged the defendants ran fake crypto trading platforms and misappropriated at least $14 million from retail investors.
• How were investors recruited into the alleged fraud scheme?
  Investors were recruited through social media ads and funneled into WhatsApp groups promoting AI-driven trading tips.
• Where were the allegedly stolen investor funds sent?
  The SEC said funds were funneled overseas through multiple bank accounts and crypto asset wallets.
• What protections did the SEC urge investors to use?
  The SEC urged investors to verify promoters through Investor.gov and avoid opportunities pitched in online group chats.

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