SEC sues alleged pyramid scheme perpetrator promising investors cryptocurrency riches
The Securities and Exchange Commission has sued an alleged pyramid schemer who promised riches through a cryptocurrency-related investment. Per an SEC press release, Californian Daniel Pacheco ran a pyramid scheme from January 2017 through March 2018 via his companies IPro Solutions and IPro Network which raised $26 million from investors for e-commerce products with an attached crypto rewards programs. SEC investigators say Pacheco was running a textbook scheme using new tech, luring investors and creating a larger base through supposed digital currency rewards.
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