November 14, 2021

Cryptocurrency broker appears to be engaged in fraud against California consumers

The California Department of Financial Protection and Innovation (DFPI) has received a complaint from a California resident regarding a crypto investment scam.

The victim told DFPI he was scammed into transferring money to this online crypto trading company, after hearing about it from a person online. The victim transferred cryptocurrency to the company after the online scammer claimed he would teach the victim about cryptocurrency. The victim transferred funds into the site several times at the request of the scammer. At some point, the victim realized he could only deposit money into the account operated by the site, not make withdrawals. The company operates a website at

This appears to be what is commonly called an “Advance Fee scheme,” which can take many forms, as discussed here:  

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