Category: AFFINITY FRAUD

Affinity Fraud occurs when a fraudster exploits the trust and connections within a specific group, such as religious, ethnic, or professional communities, to deceive members of that group into investment scams. The fraudster often gains credibility and access to potential victims by leveraging shared characteristics or affiliations, exploiting the natural tendency of individuals to trust others in their community. This type of fraud can be particularly devastating as victims may be less likely to question the legitimacy of the investment opportunity or conduct thorough due diligence, assuming that fellow members would not steer them wrong. Affinity fraud schemes can range from Ponzi schemes to bogus investment opportunities promising unrealistically high returns, all targeting the vulnerability and trust inherent in close-knit communities.

SEC-PR-2024-35

File ID: SEC-PR-2024-35 Date: March 12, 2024 Accessed: July 3, 2024 Headline:  SEC Charges 17 Individuals in $300 Million Crypto Asset Ponzi Scheme Targeting the Latino Community Source: https://www.sec.gov/newsroom/press-releases/2024-35 Categories: AFFINITY FRAUD FRAUDS TARGETING LATINO AMERICANS CRYPTO INVESTMENT FRAUD FOREX INVESTMENT FRAUD PONZI SCHEMES SEC-PR-2024-35 – Viewer: ▼▼▼ (Download PDF File )

SEC-PR-2024-13

File ID: SEC-PR-2024-13 Date: February 2, 2024 Accessed: July 2, 2024 Headline:  SEC Charges Founder of American Bitcoin Academy Online Crypto Course with Fraud Targeting Students. Defendant claimed his hedge fund would use sophisticated tools like artificial intelligence to generate returns. Source: https://www.sec.gov/news/press-release/2024-13 Categories: AFFINITY FRAUD ONLINE TRADING COURSE FRAUD SEC-PR-2024-13 – Viewer: ▼▼▼ (Download […]

CFTC-PR-8850-24

File ID:  CFTC-PR-8850-24 Date:  January 19, 2024 Accessed:  June 12, 2024 Headline:  CFTC Charges Bogus Digital Asset Platform with Fraud and Misappropriation in an Online Romance Scam. Five Victims Lost $2.3 Million to Con Targeting Asian Americans. Source:  https://www.cftc.gov/PressRoom/PressReleases/8850-24 Categories: AFFINITY FRAUD FRAUDS TARGETING ASIAN AMERICANS BOGUS TRADING PLATFORMS DIGITAL ASSET FRAUD ROMANCE SCAMS CFTC-PR-8850-24 – Viewer: ▼▼▼ […]