DFPI Issues Enforcement Action Against CryptoProgram and Edward Zimbardi

Описание: Due to fraudulent activities, the California Department of Financial Protection and Innovation (DFPI) has issued a desist and refrain order against CryptoProgram and its promoter, Edward Anthony Zimbardi. According to the enforcement action, CryptoProgram and Zimbardi offered and sold unqualified securities and misled investors.
CryptoProgram and Zimbardi solicited investments by claiming that investor funds would be used strictly for the low-risk purpose of purchasing online advertising to generate sustainable revenue. Investors were told that these securities generated 25% monthly returns despite supposedly being low-risk for investors. In reality, most of the funds that CryptoProgram received from investors were used to pay other investors, like a Ponzi scheme. A significant portion of the remaining funds were diverted to the trading accounts of a high-risk, offshore forex broker. To maintain a steady flow of new investor money, CryptoProgram used a multi-level marketing scheme that would reward investors for recruiting new investors.

CryptoProgram and Zimbardi are ordered to desist and refrain from violating California securities laws. The DFPI's enforcement action is a vital measure to safeguard California's investors.

Have you been a victim of an investment scam? Don't stay silent. Visit dfpi.ca.gov/file-a-complaint to file a complaint with us. Your report can help protect others. Please share this video to help others stay safe from investment fraud, and remember to like/follow us.

Disclaimer: The DFPI is California's financial regulator, working to ensure that financial services and products are fair, transparent, and compliant with the law. We cannot provide personal legal advice. If you require legal guidance, consult with a qualified attorney. Always thoroughly research and seek professional financial advice from a licensed Investment Adviser. Visit the SEC's Investment Adviser Public Disclosure website at https://adviserinfo.sec.gov/ to search for an individual investment adviser representative and view that individual or firm's professional background and conduct, including current registrations and disclosures about certain disciplinary events (if any).

Link to EA: dfpi.ca.gov/wp-content/uploads/sites/337/2023/06/D-R-CryptoProgram.pdf

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