What You Need to Know About The Rise of Cryptocurrency Ponzi Schemes
Virtual currencies, such as Bitcoin, have recently become popular and are intended to serve as a type of money. They may be traded on online exchanges for conventional currencies, including the U.S. Dollar, or used to purchase goods or services, usually online.
The Securities Exchange Commission (SEC) is concerned that the rising use of virtual currencies in the global marketplace may entice fraudsters to lure investors into Ponzi and other schemes in which these currencies are used to facilitate fraudulent, or simply fabricated, investments or transactions. The fraud may also involve an unregistered offering or trading platform. These schemes often promise high returns for getting in on the ground floor of a growing Internet phenomenon.
Fraudsters may also be attracted to using virtual currencies to perpetrate their frauds because transactions in virtual currencies supposedly have greater privacy benefits and less regulatory oversight than transactions in conventional currencies. Any investment in securities in the United States remains subject to the jurisdiction of the SEC regardless of whether the investment is made in U.S. Dollars or a virtual currency.
This week our guest will be Lynn Edgington, Founder/President of Eagle Research Associates, Inc., a 501(c)3 non-profit organization in Southern California. He is also the author of, “Robbing You with a Keyboard Instead Of A Gun – Cyber Crime How They Do It.”
Lynn works with law enforcement around the globe to assist in cyber-crime investigations involving crypto-currencies and cyber-financial fraud. During this show, we will share with the public key elements to watch out for so you don’t become a victim of cyber-crime. We will discuss the phenomena of bitcoin and the dangers associated with investing in cyber-currencies. We will look at multi-level marketing and ponzi schemes and how unsuspecting corporations and individuals have been victimized. We will look at how organized crime groups use cyber-fraud to launder money.
Join us Thursday, September 13, 2018 at 7:00 a.m. PST on VOICE AMERICA – Variety Channel as we explore crypto-currencies, money laundering and ponzi schemes.
RESOURCES, LINKS and CASES:
- Ponzi schemes Using virtual Currencies (SEC Investor Information)
- Cape Man Indicted on $400M Ponzi Scheme
- Eagle Research Associates, Inc
- Robbing You With A Keyboard Instead of a Gun
Find all of our archived shows at: ExploitedCrimes.com
You can also find us on iTunes at: Exploited – Crimes Against Humanity
“Like” Million Kids on Facebook to get involved so we can say together, “NEVER AGAIN SHOULD A CHILD BE VIOLATED!”
Your generosity helps us fund important programs such as:
▪ Million Kids Missing Kids: is an information distribution network dedicated to helping locate missing kids by utilizing social media to reach thousands of people throughout Southern California. MKMK is a free service offered to parents and/or guardians of a missing child.
▪ Victim Gift Card Program: Carried by our local law enforcement agents, these emergency gift cards aid victims in escaping “the life” by keeping them safe while trying to locate space in a suitable safe house for them. It feeds, houses and clothes victims when necessary. These gift cards can literally save a victim’s life!
▪ The Love Trap: “The Love Trap” teaches school administrators, teachers, parents, and teenagers how predators identify a potential victim, the methods they use to recruit innocent kids, how parents can recognize the signs that their child may be being recruited, and, most importantly, it teaches a young person how to protect themselves so they will not become a victim of human trafficking.
▪ Exploited – Crimes Against Humanity: Our free global internet training program about human trafficking and exploitation that reaches 170 countries and includes a powerful weekly podcast and corresponding blog with links to the cases and stories discussed on the show.
▪ Live presentations: All across the United States, Million Kids has trained tens of thousands of first responders, government agencies, civic leaders, school administrators, medical personnel, faith-based organizations, parents and grandparents about how predators operate and how to prevent young people from becoming victims of exploitation!
Your generous donation will go a long way to helping us keep kids safe from predators!
Read about the work of Million Kids and RCAHT in the media: HERE
President and CEO
All donations are tax deductible and are used to help end human trafficking and the sexual exploitation of children.