Canada2026-09-28 20:41:44Canada’s self-styled ‘Crypto King’ Aiden Pleterski to represent himself at fraud trialAiden Pleterski, a Canadian social media figure who described himself as a “crypto king,” is scheduled to appear in Ontario’s Superior Court of Justice on Oct. 5 as his criminal fraud case moves to trial. Canadian authorities charged him in May 2024 with fraud and money laundering, alleging that he solicited investments between 2021 and 2022 and made false claims about generating large weekly returns through digital-asset trading. Prosecutors allege investors lost about $30 million. CBC News reported Monday that Pleterski was unable to secure a delay in order to retain legal counsel and is now expected to represent himself. The trial is expected to last about four weeks. If convicted, the fraud charge alone carries a maximum penalty of 14 years in prison. The case also intersects with a separate violent episode from December 2022, when Pleterski was allegedly kidnapped and tortured for three days by several men, some reportedly victims of the scheme, who demanded repayment and forced him to speak on video about his role in the alleged fraud.210
CFTC2026-09-25 16:33:51CFTC sues Cash FX Group, alleging $950 million Ponzi-style MLM fraudThe U.S. Commodity Futures Trading Commission has filed a lawsuit against Cash FX Group S.A., its CEO Huascar Jose Lopez Castillo, The Conversion Pros Inc., its CEO Ronald Pope, and Justin Halladay. The regulator alleges the defendants ran a multi-level marketing Ponzi scheme that raised more than $950 million from the public, including people in the United States, under the claim that the money would be used for retail forex trading. According to the CFTC, the defendants falsely told participants that funds were being traded by professional traders, proprietary algorithms, and artificial intelligence, while promising returns of as much as 15% per week. The agency said Cash FX carried out only limited forex trading and that nearly all participant funds were misappropriated. It also alleged that money from newer participants was used to pay fake trading profits to earlier participants and to deliver millions of dollars to the defendants. The CFTC said Cash FX provided false account statements to keep up the appearance of strong trading performance. The agency alleges participants lost at least $406 million. It is seeking restitution, disgorgement of ill-gotten gains, civil monetary penalties, trading and registration bans, and a permanent injunction.280
CFTC2026-09-25 16:44:16CFTC sues Cash FX Group and executives over alleged $950 million forex Ponzi schemeThe U.S. Commodity Futures Trading Commission said on Sept. 25 that it had filed a civil enforcement action in the U.S. District Court for the Middle District of Florida against Cash FX Group, its CEO Huascar Jose Lopez Castillo, The Conversion Pros, its CEO Ronald Pope, and Justin Halladay. According to the regulator, the defendants ran a multi-level marketing Ponzi scheme that illegally solicited more than $950 million from the public, including U.S. residents, while claiming the money would be used to trade retail forex contracts. The CFTC alleged that Cash FX promised returns of as much as 15% a week, but carried out only limited forex trading in practice. The agency said nearly all participant funds were misappropriated, with money from newer participants used to pay purported trading profits to earlier ones and millions of dollars paid to the defendants. The complaint also alleges the company kept the scheme going by issuing false account statements. The regulator said participants suffered at least $406 million in losses. It is seeking restitution, disgorgement of ill-gotten gains, civil monetary penalties, trading and registration bans, and a permanent injunction barring further violations of the Commodity Exchange Act and CFTC regulations.270
Spain2026-09-20 03:41:44Spanish police break up two crypto-related crime cases involving 48 suspectsSpanish law enforcement has dismantled two separate crypto-related crime cases, according to CriptoNoticias. The operations were carried out by the Spanish Civil Guard and the National Police, which together arrested or identified 48 people tied to the investigations. One of the cases involved a Ponzi scheme that caused losses of about €327,000 for 113 investors. The other centered on a criminal network that allegedly used phishing attacks and fake rental advertisements to defraud victims. Authorities said the group converted illicit proceeds into crypto assets in an effort to avoid tracing, with total losses in that case exceeding €430,000. The report points to two distinct investigations, each handled by a different Spanish security body, and highlights the use of crypto as part of the laundering or concealment process rather than as the sole mechanism of the fraud itself.330
SEC2026-09-01 20:56:25SEC Charges Bay Area Private Fund Executives with Ponzi SchemeThe U.S. Securities and Exchange Commission (SEC) on Tuesday charged Mark D. Hanf, former CEO of Pacific Private Money Group LLC, and Hoai-Nam Chu Phan, former COO of a subsidiary, for allegedly orchestrating a Ponzi scheme. The SEC alleges they raised millions from investors through private funds, falsely claiming the money would be used for real estate loans, but instead used it to pay early investors and for personal expenses. The SEC has filed a lawsuit in federal court seeking permanent injunctions, civil penalties, and disgorgement of ill-gotten gains. The case highlights ongoing regulatory scrutiny of the private fund industry.810
Poland2026-08-27 22:12:54Polish Olympic Committee head arrested over alleged crypto bribery tied to ZondacryptoPolish police on Thursday arrested the head of the Polish Olympic Committee over allegations that he accepted bribes from crypto platform Zondacrypto in exchange for Olympic sponsorship, according to Euronews as cited by Techub News. The Polish government has accused the platform of links to organized crime and Russian intelligence services. Authorities also describe the operation as a Ponzi scheme that caused about 30,000 investors to lose 350 million zloty, roughly €80 million. Zondacrypto, founded in 2014, is no longer trading. Its founder disappeared in 2022 and is now presumed dead. The platform had previously promised cryptocurrency bonuses for medalists at the Milan-Cortina Winter Olympics, but the payments were described as chaotic. Prosecutors said the platform’s management is cooperating in exchange for possible leniency, while investigators are also examining its ties to pro-nationalist media.870
Brent Kovar2026-08-25 06:11:54Las Vegas businessman Brent Kovar convicted in $24 million crypto Ponzi caseLas Vegas businessman Brent Kovar has been convicted by a jury in a $24 million cryptocurrency Ponzi scheme case, according to The Block. The U.S. Department of Justice said Kovar used investor money to operate Profit Connect and told investors the returns came from mining revenue. Prosecutors said newer investor funds were used to pay earlier investors, a core feature of a Ponzi structure. Kovar now faces a maximum sentence of 280 years in prison. The case adds to a growing list of U.S. enforcement actions tied to crypto-linked investment fraud, though the source report here focuses specifically on the jury verdict, the amount involved, the role of Profit Connect, and the sentencing exposure outlined by authorities.990
crypto scam2026-08-25 06:28:08Las Vegas businessman convicted in $24 million crypto Ponzi schemeA Las Vegas businessman, Brent Kovar, has been convicted by a jury over a $24 million cryptocurrency Ponzi scheme, according to a BlockBeats report published on Aug. 25. He faces a maximum sentence of 280 years in prison. The U.S. Department of Justice said Kovar used investor funds to operate Profit Connect and repaid earlier investors with money collected from newer ones while presenting the returns as mining-related proceeds. The case centers on allegations that investor capital was cycled through the business under the guise of crypto mining profits.930
