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SEC Charges Founder of Crypto Asset and Foreign Exchange Trading Company with $198 Million Fraud Scheme

Posted  05/12/25
crypto
By the Constantine Cannon Whistleblower Team On April 22, 2025, the Securities and Exchange Commission charged Ramil Palafox, the founder of PGI Global, with orchestrating a $198 million fraud scheme that preyed upon international investors. He also allegedly misappropriated over $57 million of investor funds to purchase luxury items, including Lamborghinis. As in a classic Ponzi scheme, the remaining funds were...

Tagged in: Cryptocurrency, SEC Whistleblower Reward Program, Securities Fraud,

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DOJ Continues Cryptocurrency Fraud Case Despite Memo Signaling Change in Enforcement Priorities

Posted  04/29/25
cryptocurrency graphic with dollar sign
Despite a memorandum signaling the DOJ under Trump Administration will scale back certain enforcement actions involving cryptocurrency and digital assets, federal prosecutors in the Eastern District of New York recently reaffirmed the DOJ’s intent to pursue criminal fraud charges against Braden John Karony, the former CEO of the cryptocurrency and blockchain company SafeMoon. The Charges Against SafeMoon’s...

Tagged in: SEC Whistleblower Reward Program, Securities Fraud,

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Former CEO of e-Commerce App nate Charged with Securities Fraud for Allegedly False Claims About AI

Posted  04/17/25
ecommerce shopping on device
By the Constantine Cannon Whistleblower Lawyer Team This year, we’ve been tracking the notable spike in enforcement actions concerning AI washing or other AI-related fraud. These types of schemes generally involve an individual or company allegedly deceiving investors with misstatements or omissions about AI use or capabilities to make the company appear better than it is. Another such enforcement action came...

Tagged in: SEC Whistleblower Reward Program, Securities Fraud,

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Startup Scandals and the Risks of “Fake-It-Till-You-Make-It” Culture

Posted  04/11/25
Office with workers
By the Constantine Cannon Whistleblower Team Startups and entrepreneurs should be admired. It takes courage to go out on your own, take big risks, and try to bring a new idea to market. They have an unrelenting drive to succeed. But there are very real legal risks when that drive leads to a “fake-it-till-you-make-it” culture that crosses the line. In recent years, the government has cracked down on these types...

Tagged in: Importance of Whistleblowers, Securities Fraud,

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Not OK! Cryptocurrency Exchange Platform OKX Violated U.S. Anti-Money Laundering Laws and Will Pay $504M+ in Penalties

Posted  02/27/25
cryptocurrency
OKX, the largest international cryptocurrency exchange platform, hosts transactions totaling billions of dollars each day where users can place orders for spot trades in over three hundred cryptocurrencies like Bitcoin and Ethereum, in addition to ordering derivative products tied to cryptocurrencies’ value. On February 24, the government announced that the Seychelles-based company, Aux Cayes Fintech Co. Ltd,...

Tagged in: Cryptocurrency, Money Laundering,

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Top FCPA Recoveries for 2024

Posted  01/31/25
FCPA Whistleblower
The Foreign Corrupt Practices Act (FCPA) bars paying foreign officials for any kind of business advantage, such as securing government contracts or other kinds of favorable business treatment.  The statute covers any form of consideration including gifts, meals, travel, and entertainment.  It also imposes strict record-keeping and internal control requirements to prevent falsifying company books and records to...

Tagged in: FCPA,

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Top 5 CFTC Recoveries for 2024

Posted  01/28/25
commodity futures trading commission logo
From our recent survey of top SEC fraud recoveries this past year, we found it was not an especially standout year for the securities regulator in terms of big-dollar hauls.  It was not necessarily a banner year for the Commodity Futures Trading Commission (CFTC) either in terms of its fraud recoveries.  Only five of them brought in 9-digit amounts or higher. But the Number 1 hit -- the eye-popping $12.7 billion...

Tagged in: CFTC Whistleblower Reward Program, Fraud in CFTC-Regulated Markets,

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Top 10 SEC Recoveries for 2024

Posted  01/24/25
Securities Exchange Commission Logo on Building
It was not necessarily the biggest year for Securities and Exchange Commission (SEC) securities fraud recoveries, with only a handful in the hundred-million-dollar range and only one in the billions.  But it was a very active year nonetheless, with the SEC under Gary Gensler pursuing a very aggressive approach to enforcing the securities laws. With Gensler's recent departure, and Paul Atkins taking the reins, all...

Tagged in: SEC Whistleblower Reward Program, Securities Fraud, Top 10,

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More Cybercriminals Pay Steep Price for Running Crypto Scams and Laundering Cash

Posted  01/21/25
Cryptocurrencies
The government has already ramped up its efforts in 2025 to tackle cryptocurrency fraud and associated money laundering schemes with several recent enforcement actions. Cybercriminals exploit digital currency investment hopefuls. Their scams come in myriad forms such as ransomware attacks and virtual currency thefts, and the criminals use complex tactics to conceal their crimes to fuel their stolen profits. As...

Tagged in: Cryptocurrency, Money Laundering,

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A $1B+ Fraud Conspiracy: Yvette Wang Sentenced To 10 Years in Prison

Posted  01/14/25
Hanging Hundred Dollar Bills on Clothes Line
Federal prosecutors continue the crack down on fraudsters that prey on innocent investors. On January 6, Daniel M. Gitner, Chief, Criminal Division, in the United States Attorney’s Office for the Southern District of New York, announced that Yvette Wang a/k/a “Yanping” was sentenced to 10 years in prison for conspiracy to commit wire fraud and conspiracy to commit money laundering. In addition to Wang’s prison...

Tagged in: Cryptocurrency, Money Laundering,

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