06:06 PM EDT, 03/14/2024 (MT Newswires) -- The US Securities and Exchange Commission on Thursday charged17 people in a $300 million Ponzi scheme allegedly linked to Houston-based CryptoFX that targeted more than 40,000 mostly Latino investors.

The SEC alleged that instead of using investor funds to trade in crypto asset and foreign exchange markets, CryptoFX was actually running a Ponzi scheme.

From May 2020 to October 2022, the 17 people from Texas, California, Louisiana, Illinois, and Florida allegedly acted as CryptoFX network leaders and promised to deliver 15% to 100% returns to investors on their purported investments in crypto asset and foreign exchange trading.

They allegedly used investor funds to pay supposed returns to other investors, to pay commissions and bonuses to themselves and investors, and to fund their own lifestyles, according to the SEC.

The SEC halted the scheme in September 2022. CryptoFX is currently in receivership.