The U.S. Securities and Exchange Commission (SEC) has charged James O. Ward, Jr., head of marketing for Apex Financial Institute Pvt. Ltd., in a federal district court in Alabama with defrauding approximately 70 domestic and international investors. The SEC claims that Ward raised at least $852,000 of crypto assets through fraudulent means.
This case underscores the persistence of fraudulent schemes in the crypto market, where individuals continue to exploit crypto as a lure for unsuspecting investors. “This shows that individuals appear to be still using crypto as bait to lure investors into what are essentially old-fashioned get-rich-quick schemes,” commented Arlo Devlin-Brown, a partner at Covington & Burling.
The defendant, Ward, is faced with a three-count fraud lawsuit brought by the SEC, which is actively pursuing legal action. Renato Mariotti, a partner at Paul Hastings, is not involved in this particular case.
For additional details on the SEC’s charges against Ward, refer to the original article.