US SEC Charges Californian Claiming $ 3.6 Million In Bitcoin For Financial Fraud

Golden Financial reported that the U.S. Securities and Exchange Commission (SEC) has accused California-born Ryan Ginster of two frauds without permission from the escrow platform. According to the complaint, Ginster has raised around $ 3.6 million in Bitcoin through its MyMicroProfits.com and SocialProfimatic websites. Ginster promises that "cryptocurrency trading and ad arbitrage" will deliver "astronomical returns" to its clients. The agency also claimed that Ginster stole at least $ 1 million from personal expenses such as taxes, rent and debit card. The SEC has filed a lawsuit in the Central District of California, charging Ginster with treason for fraud and registering the Securities Act of 1933 and the Securities and Exchange Act of 1934. Therefore, the SEC seeks justice and permanent remedies and civil penalties against Ginster.