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Patricia Ibarra is the most recent victim of a crypto scam. She feels bad about the situation, but even worse is that she got some of her own friends and family members involved in the scheme, which means she probably has guilt alongside the anger of being duped.
Patricia Ibarra Was the Victim of a Crypto Scam
The venture that stole money from Ibarra was called Crypto FX LLC. Based in Texas, the company promised anywhere between 15 and 20 percent returns to its customers. Ibarra is believed to have lost as much as $27,000 to the firm at the time of writing – a firm that, according to federal authorities, specifically targeted members of the Latino community.
Not long ago, Ibarra spoke at an event organized by a group called Association for Justice Against CFX. Several people have fallen victim to the firm including 7,000 individuals in the state of Illinois alone, many of which come from the regions of Chicago, Glendale Heights, and Addison. One of the organizers – a woman named Cristobal Cavazos – said to the alleged perpetrators:
Come out of the shadows.
One of the people behind the company’s fruition – a Mexican man named Mauricio Chavez – has been charged by the Securities and Exchange Commission (SEC) with violating antifraud provisions. Crypto FX is believed to have been created three years ago in 2020. The enterprise hosted several classes for the Latino community so they could learn about crypto and understand proper investment strategies.
Students were charged anywhere between $499 and $1,499 for the classes. Chavez is believed to have been a landscaper and bore no merit in the world of financial education. He was therefore engaged in a crime by offering such courses without the proper licenses and degrees. On top of that, Chavez made false claims that his courses birthed several millionaires.
Ibarra – discussing getting her friends and families involved in the company – said:
The saddest part is unconsciously we hurt our own families. They thought this was a blessing, a great opportunity to continue forward.
Getting Other People Involved
She also feels bad about herself given that her son initially warned her the platform was a scam. However, after talking to several friends and experiencing a bout with FOMO (fear of missing out), she eventually gave in and invested after six months of hearing about the new platform.
Chavez is believed to have told investors they would not receive losses. This should have been a huge red flag given this can never be guaranteed in the world of crypto. In addition, he claimed to have raised more than $12 million from 5,000 separate investors, which is likely untrue. He is also said to have taken as much as $8 million of his customers’ money and used it for personal reasons.