Bitcoin, Fraud and Scams

Famous Individuals Lure Millions To Followers; Accused of Ponzi Scheme

They even wrote a self-help book about becoming a millionaire. Sounds like that may need to be updated.

Three individuals with large influencers were sued by the United States Securities and Exchange Commission, or SEC, for purportedly hovering millions of dollars against more than 1,000 victims.

In a statement by the agency, they revealed that this had gone for almost two years.

“From 2017 to May 2019, Jali, Frimpong, and Johnson, directly and through two entities created to perpetuate the scheme, Smart Partners and 1st Million (the ‘Companies’ they said.

This led them to deceitfully raised more than $27 million from approximately 1,200 investors, many of them African immigrants,” according to the filed cases of the states on August 28.

According to claims and allegations, these three individuals were preying on commonalities and beliefs of those around them for financial scams. Johnson pretended to be a minister, while Jali pastored at seven church locations, as noted in the legal document. Thus, using healthcare and spirituality as the bait.

Foremost investors to believe they would make a profit on crypto and Forex on their behalf, the accused parties are poised as experts, promising to give back initial invested capital one year later.

This, however, did not go to specific needs as promised but to their personal pockets.

“From 2017 to May 2019, Defendants offered and sold to investors in Maryland and several other states, including Georgia, Florida, and Texas, among others, contracts with the Companies in which they falsely promised, among other things, to generate profits for investors by trading Forex and cryptocurrency,” the filing added.

Furthermore, the scam requires a $5,000 minimum investment as their common requirement, advertising profits are pegged between 6% and 42% per month or financial quarter.

To note become suspicion and ward off doubts, the accused allegedly paid out some of the earlier investors at times.

Leave a Comment

Leave a Reply