A crypto transaction website allegedly operated as a pyramid scheme for over two years and used assets from new investors to pay earlier investors, according to the Securities and Exchange Commission’s complaint.
The Securities and Exchange Commission on Monday said it charged 11 individuals over their roles in the creation and promotion of a fraudulent crypto pyramid and Ponzi scheme that raised more than $300 million from retail investors.
According to Forsage’s website, it is a “decentralized networking platform based on smart contracts.” Forsage.io was launched by Vladimir Okhotnikov, Jane Doe also known as Lola Ferrari, Mikhail Sergeev, and Sergey Maslakov in January 2020, while the founders were last known to be living in Russia, the Republic of Georgia, and Indonesia, according to the SEC.
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