CryptoFX LLC
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anchored·3JPmwg…WeS4Summary
CryptoFX LLC was a Houston, Texas-based company that the SEC has alleged operated a $300 million Ponzi scheme from approximately May 2020 to October 2022, targeting over 40,000 predominantly Latino investors across ten U.S. states and two foreign countries. The scheme purported to generate returns of 15 to 100 percent through cryptocurrency and foreign exchange trading but instead used investor funds to make Ponzi payments, pay commissions, and finance the personal expenses of its principals and network leaders. The SEC halted operations via emergency action in September 2022; a court-appointed receiver is administering recovery proceedings, and enforcement actions against 19 individuals and the company itself have resulted in judgments and ongoing litigation as of 2026.
Connected Entities
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Timeline(14 events)
February 2020
CryptoFX LLC founded in Houston, Texas by Mauricio Chavez. The company began offering paid educational classes on cryptocurrency trading to the Latino community, priced between $499 and $1,499.
SEC Litigation Release LR-25547May 2020
The SEC's complaint alleges the fraudulent scheme began in approximately May 2020, with the CryptoFX network soliciting investor funds under promises of 15 to 100 percent returns.
SEC Press Release 2024-3519 September 2022
The SEC filed an emergency action (Case No. 4:22-cv-03359, S.D. Tex.) against Mauricio Chavez, Giorgio Benvenuto, CryptoFX LLC, and CBT Group LLC, alleging an ongoing Ponzi scheme that had raised over $12 million from more than 5,000 investors.
SEC Litigation Release LR-2554729 September 2022
Following a court hearing, the court granted the SEC's motion for a court-appointed receiver and extended the asset freeze. John Lewis was appointed receiver for the CryptoFX and CBT Group estates.
SEC Litigation Release LR-25547October 2022
CryptoFX operations ceased. Post-halt investigation revealed the scheme's total scope was approximately $300 million raised from 40,000 investors — substantially larger than initially identified.
SEC Press Release 2024-3514 December 2022
Houston Public Media and local Houston news outlets published victim accounts from Latino families who reported losing life savings to CryptoFX.
Houston Public Media7 March 2023
City of Santa Monica issued a consumer alert about the CryptoFX Ponzi scheme targeting Latino investors.
Santa Monica Government Press Release31 August 2023
A judgment was entered against principal defendant Mauricio Chavez in the Southern District of Texas.
CourtListener: SEC v. Chavez, 4:22-cv-0335926 February 2024
Judge Andrew S. Hanen signed an order granting a motion to bifurcate in the case of defendant Giorgio Benvenuto, with a judgment entered against Benvenuto around this date.
CourtListener: SEC v. Chavez, 4:22-cv-0335914 March 2024
The SEC filed a second complaint (Case No. 4:24-cv-00939, S.D. Tex.) charging 17 additional individuals who led the CryptoFX sales network. Six were charged with antifraud and securities violations; 11 with registration violations; one (Gabriel Ochoa) additionally with whistleblower protection violations.
SEC Press Release 2024-3514 March 2024
Two of the 17 defendants, Luis Serrano and Julio Taffinder, consented to final judgments, agreeing to pay a combined total of more than $68,000 in civil penalties, disgorgement, and interest.
NewsFileCorp: SEC Charges 17 Individuals15 August 2025
The court-appointed receiver filed a motion (Document 141) in Case No. 4:22-cv-03359 to approve a claims administration process and open a portal for investor claims.
Receiver's Motion, Doc. 14125 January 2026
Deadline for CryptoFX victims to submit claims through the receiver's claims portal.
Boccadutri: CryptoFX 2025 update12 February 2026
After a four-day civil trial, a federal jury in the U.S. District Court for the Southern District of Texas found defendant Ismael Zarco Sanchez liable for securities fraud and registration violations. This is a civil jury verdict, not a criminal conviction. Sanchez had led a Chicago-based CryptoFX office that allegedly raised tens of millions of dollars.
SEC: Statement on Jury's Verdict in Trial of Ismael SanchezDecision Log
- hash: 47ibLhUiXzcKoJ1dkLzvprZfAdZJ1wyiZrxK18WJwwam
This investigation is cryptographically anchored to the Solana blockchain (1 event). 0 of 20 cited source URLs have an Internet Archive snapshot.
model: claude-sonnet-4-6
generated: 9/17/2026, 5:10:29 PM
last updated: 9/17/2026, 5:11:12 PM
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