The Securities and Exchange Commission today charged multiple entities that are likely operated by individuals located overseas for defrauding hundreds of retail investors, including many in the U.S., through so-called investment confidence scams where they used WhatsApp and other platforms to lure investors.
The fraud schemes totaled at least $15 million, according to the SEC.
The SEC said the entities are likely operated by individuals located overseas, and that the schemes targeted hundreds of retail investors, including many in the U.S.
The SEC announced the charges in a press release published on its website.