Latino Houstonians say they've fallen victim to an alleged Ponzi scheme under SEC investigation
A group of people who have fallen victim to the alleged crimes of CryptoFX met in front of the Houston Federal Courthouse Wednesday to share their stories and demand justice.With the promise of guaranteed returns and first-hand accounts from her grandmother that CryptoFX was legitimate, Iliana Calles entrusted her life savings to the company — which is now being investigated as a Ponzi scheme.
“These families were specifically targeted and were asked for money upfront to invest in cryptocurrency. Unfortunately, like I've seen all over the country, this quickly fell apart,” said Cesar Espinosa, executive director of FIEL, an immigrant-led civil rights organization. Chavez had no background or education related to investing or crypto, according to the SEC. Investigators allege the classes were just a way to get investors to give money to CryptoFX, which they then believed Chavez would use for crypto-asset and foreign exchange trading.
“We weren't trusting a stranger, we were trusting our family, our friends, our church members, because they had been in this for a year, two years, three years and they got their investment,” Calles said. “If someone approaches you and tells you that you're going to make money without working, that you're gonna make money fast without much effort, that immediately should raise flags,” Suarez said.
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