🌎 SEC Charges Nigerian Nationals in $2.9 Million Bitcoin Scam

SEC Charges Nigerian Nationals with $2.9 Million Bitcoin Scam

The U.S. Securities and Exchange Commission (SEC) has filed charges against three Nigerian nationals for allegedly defrauding investors of $2.9 million in Bitcoin. The individuals, Chibuzo Augustine Onyeachonam, Stanley Chidubem Asiegbu, and Chukwuebuka Martin Nweke-Eze, are accused of using sophisticated tactics to impersonate legitimate financial professionals and target unsuspecting victims.

How the Scam Worked

The defendants allegedly created fake websites, social media profiles, and used voice-altering software to pose as brokers and advisers from well-known U.S. firms. They also created websites that mimicked real professionals, complete with fake testimonials from supposed clients. To lure investors, they used social media and group chats to build trust.

Victims were asked to purchase Bitcoin through legitimate exchanges and then transfer the funds to the fraudsters’ blockchain wallets. To make the scam more convincing, the defendants created fake investment platforms that showed false portfolio growth, tricking investors into believing they were making profits.

Tips to Avoid Similar Scams

Verify the authenticity of websites and social media profiles before investing.
Be cautious of unsolicited investment offers and pressure tactics.
Research the investment platform and read reviews from multiple sources.
Never transfer funds to an unknown blockchain wallet.

Legal Action

The SEC filed charges in a New Jersey federal court, accusing the defendants of violating U.S. securities and investment laws. The SEC is seeking penalties, including the return of stolen funds with interest and imposing fines. The U.S. Attorney’s Office in New Jersey has also filed criminal charges against the three individuals.