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 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...

Stay ahead of the curve

In the legal profession, information is the key to success. You have to know what’s happening with clients, competitors, practice areas, and industries. Law360 provides the intelligence you need to remain an expert and beat the competition.

  • Access to case data within articles (numbers, filings, courts, nature of suit, and more.)
  • Access to attached documents such as briefs, petitions, complaints, decisions, motions, etc.
  • Create custom alerts for specific article and case topics and so much more!


Hello! I'm Law360's automated support bot.

How can I help you today?

For example, you can type:
  • I forgot my password
  • I took a free trial but didn't get a verification email
  • How do I sign up for a newsletter?
Ask a question!