CryptoFX Review (2026): The $300 Million Scheme That Targeted Latino Investors

CryptoFX in One Minute

CryptoFX was a Houston-based company that promised returns of 15% to 100% from crypto and forex trading. The SEC took emergency action in 2022 against its principals, Mauricio Chavez and Giorgio Benvenuto, and in March 2024 charged 17 more people, alleging it raised about $300 million from more than 40,000 investors, mostly Latino.

How It Was Pitched

CryptoFX offered "education" classes on crypto and forex and recruited investors through community networks. Promoters earned commissions for bringing in new money.

How CryptoFX Was Structured

The SEC says CryptoFX was run by principals Mauricio Chavez and Giorgio Benvenuto from Houston, with promoters who recruited investors and received commissions. The 2024 case targeted 17 of those promoters, showing that people who recruit others can face liability even if they didn't run the company. Two settled for more than $68,000 combined without admitting or denying the allegations.

Cash Deposits and Community Trust

Schemes that recruit through community networks, as the SEC says CryptoFX did, often collect cash in person from people who trust the promoter. Cash deposits leave little paper trail and make recovery harder. Legitimate investment firms don't collect cash in person; they take payments to accounts in the firm's name and send statements you can verify.

What the SEC Alleges

The SEC says much of the money wasn't used for trading and that the scheme operated as a Ponzi. Two of the 17 promoters charged in 2024 consented to judgments without admitting or denying the allegations.

Raised300$M

Community Trust and Language Barriers

Schemes that recruit in a shared language can reach people less familiar with U.S. regulators. The SEC's Investor.gov site has resources in Spanish.

Red Flags It Showed

• Promised returns of 15% to 100%
• "Education" bundled with investing
• Recruiting through community networks
• Cash and crypto deposits

What CryptoFX Teaches About Checking an Offer

1. Treat promised returns of 15% to 100% as impossible.
2. Be cautious with cash deposits and handwritten receipts.
3. Check registration with your state regulator.
4. Look for regulator warnings in Spanish and English.
5. Be wary of "education" bundled with investing.

See the patterns across 12 real cases in our crypto Ponzi scheme red flags guide.

If You Invested in CryptoFX

The SEC took emergency action in 2022 and charged 17 promoters in 2024. Watch the SEC case in the Southern District of Texas for any distribution to investors, keep records of cash and crypto deposits, and avoid fee-based recovery offers. Report losses to the FBI's Internet Crime Complaint Center and the FTC.

A Steadier Way to Protect Savings

Schemes like this prey on people looking for fast returns. Some savers prefer slower, tangible assets for part of their retirement money. Our top pick, Augusta Precious Metals, offers a free guide to the sales tactics retirement savers should watch for; our budget pick Noble Gold offers a free economic-crisis guide. Precious metals carry their own risks and costs.

Was CryptoFX Legit?

No. The SEC alleges it was a Ponzi scheme that raised about $300 million and took emergency action in 2022.

Pros and Cons

Frequently Asked Questions

Our Verdict on CryptoFX

Promised returns of 15% to 100% should end the conversation.

Precious metals prices can fall as well as rise, and a gold IRA carries setup, custody and storage fees. This page is general information, not financial, tax or legal advice. Consider speaking with a licensed financial professional before moving retirement savings.