Shemaria Law Offices

SEC claims two cryptocurrency companies were a pyramid scheme

People accused of a federal crime have the right to a jury trial, so that they can defend themselves and argue against the prosecution's presentation of the evidence. But in many financial crime cases, this evidence can be difficult for the average federal judge to understand, to say nothing of the average juror.

Recently, the U.S. Securities and Exchange Commission announced it was seeking charges against a California man who ran a multimillion-dollar cryptocurrency business. The SEC claims the man's two companies were nothing more than a pyramid scheme.

According to news reports, the man ran two companies, IPro Solutions, LLC, and IPro Networks, LLC, which allowed investors to accrue points that could be traded for a digital currency. Investors could earn further points by recruiting others to join in the investment. The companies reportedly raised $26 million from investors who were eager to profit from the trendy crypotcurrency industry. According to the SEC, the man then illegally used the funds to purchase a $2.5 million house and a luxury car.

The cryptocurrency industry has grown rapidly in recent years, but the authorities have been slow to regulate it. The SEC recently announced it would hire an expert to oversee prosecution of fraud in the burgeoning industry.

Everyone who is accused of a crime deserves a defense. In cases involving complex financial matters, it's important to get help from a defense attorney who knows how to examine financial evidence and how to present it to a court in a way that makes sense to judge and jury.


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Shemaria Law Offices

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