News

Law

Asset Management

Investment Banking

Wealth

Hedge Funds

People

Newsletters

Events

Lists

Accountancy

SEC stops alleged Ponzi scheme involving diamond-backed cryptos

Regulator says Argyle Coin and its principal violated securities laws

US regulators have halted an alleged $30 million Ponzi scheme that targeted roughly 300 investors and involved a diamond-related cryptocurrency business, the Securities and Exchange Commission said.

The SEC said Tuesday that Argyle Coin, a Palm Beach, company that says it offers investment in cryptocurrency backed by valuable diamonds, and its principal, Jose Angel Aman, were using investor funds to run a Ponzi scheme, according to a statement from the agency.

WSJ Logo