On May 23, SEC charged perpetrator of crypto pyramid scheme.
- Daniel Pacheco is the alleged perpetrator of a multimillion-dollar pyramid scheme.
- Defendants fraudulent pyramid scheme promised investors cryptocurrency riches.
- Pacheco conducted a fraudulent, unregistered offering of securities through two
companies which he controlled, IPro Solutions LLC and IPro Network LLC. - IPro raised \$26mn by selling instructional packages giving lessons on e-commerce.
- Investors received “points” that could be converted into PRO Currency digital asset.
- Those who contributed additional funds could earn a mixture of cash commissions.
- Also, additional convertible points by recruiting new investors into the IPro network.
- IPro’s inevitable collapse was hastened by Pacheco’s fraudulent use of investor funds which included, the all-cash purchase of a $2.5 million home and a Rolls Royce.
