(l-r) Chet B. Waldman and Matthew Insley-Pruitt of Wolf Popper, and Max Burwick of Burwick Law. Courtesy photosInvestors Sue in New York Over $440M International Crypto Ponzi Scheme
“The way the crypto Ponzi schemes seem to be evolving is that they appear to be a lot more sophisticated,” said Marcelo Diaz-Cortes, a partner at Levine Kellogg Lehman Schneider + Grossman in Miami who is an expert not involved in the matter.
December 13, 2024 at 01:37 PM
4 minute read
What You Need to Know
- Crypto Ponzi schemes are evolving with sophistication, according to attorneys.
- Investors, spread across nearly every continent worldwide, seek accountability for a $440 million crypto Ponzi scheme.
- Social media influencers allegedly played a pivotal role in promoting this alleged crypto house of cards.
More than 210 investors, spread across nearly every continent worldwide, filed a complaint in a New York federal district court against defendants named in an over $440 million cryptocurrency Ponzi scheme that exploited elements of traditional multilevel marketing programs.
Chet B. Waldman and Matthew Insley-Pruitt of Wolf Popper and Max Burwick of Burwick Law represent the plaintiff investors who sued several defendants, including Guillermo Gharib, the “genius level trader” behind the scheme. Burwick noted that decades ago, a television host who established trust with viewers was limited by regulations on what the person could say.
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