The SEC has charged three individuals from Nigeria for allegedly operating an elaborate online scheme, stealing real financial professionals' identities to fleece retail investors out of millions of dollars.
According to a complaint published by the SEC Wednesday and filed in the US District Court for the District of New Jersey, the defendants impersonated licensed securities brokers and investment advisers to steal over $2.9 million from dozens of victims.
"During their fraudulent scheme, Defendants impersonated at least 22 Representatives and stole at least $2.9 million from at least 28 investors, at least 23 of whom reside in the US," the SEC complaint read.
The alleged fraud, which began in 2019, involved the creation of fake websites mimicking reputable US financial professionals from well-known securities firms. These sites were bolstered by falsified testimonials on social media and investment forums, portraying the impersonated advisors as highly successful traders.
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