SEC Says Fraudster Raised $3.6M In Crypto Investing Ploys

By Elise Hansen (November 18, 2021, 9:59 PM EST) -- A California man fraudulently raised $3.6 million in bitcoin from investors but never generated the promised returns and funneled about $1 million worth for his own use, the U.S. Securities and Exchange Commission told a California federal court Thursday.

The SEC accused 34-year-old Ryan Ginster of defrauding investors through a pair of ventures, Social Profimatic and MyMicroProfits.com. According to the complaint, from at least March 2018 through March 2021, Ginster touted the outfits as high-yield investment programs but never followed through on his promises.

Social Profimatic at one point promised returns of 8% a day, purportedly by fulfilling "social media marketing...

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