SEC Charges 17 in $300 Million Cryptocurrency Ponzi Scheme

SEC charges 17 people for allegedly operating a $300 million crypto Ponzi scheme targeting 40,000 investors across 3 countries
Texas-based firm CryptoFX allegedly mishandled customer funds instead of using them to trade as promised
Defendants allegedly used funds for bonuses, returns for other investors, commissions, and lavish lifestyles
SEC seeking injunctions, disgorgement, interest, and penalties against each defendant
Two defendants allegedly continued soliciting investments after ordered to stop in September 2022