The U.S. Securities and Exchange Commission published a statement confirming that a jury in the United States District Court for the Southern District of Texas found Ismael Sanchez liable for securities fraud and registration violations after a four-day trial. At trial, the SEC alleged that Sanchez served as a lead salesperson for CryptoFX, described as a large-scale Ponzi scheme that targeted approximately 40,000 investors by promising to trade investor funds in the crypto asset and foreign exchange markets, while instead using investor money to make Ponzi payments, pay commissions to salespeople, and fund personal expenses. The Chicago office that Sanchez led raised tens of millions of dollars from investors, and the jury found him liable for securities fraud and registration failures under the federal securities laws.
U.S. Securities & Exchange Commission 2026-02-12
U.S. Securities and Exchange Commission secures jury verdict against CryptoFX salesperson Ismael Sanchez for securities fraud and registration violations
The U.S. Securities and Exchange Commission announced that a jury in the United States District Court for the Southern District of Texas found Ismael Sanchez liable for securities fraud and registration violations related to his role in the CryptoFX Ponzi scheme, which targeted approximately 40,000 investors. Sanchez's Chicago office raised tens of millions of dollars, with funds misused for Ponzi payments, commissions, and personal expenses.