The U.S. Securities and Exchange Commission (SEC) has indicted three fake cryptocurrency trading platforms and four investment clubs for allegedly defrauding people of $14 million.

The U.S. Securities and Exchange Commission (SEC) has filed a lawsuit against three fake cryptocurrency trading platforms—Morocoin, Berge, and Cirkor—and four investment clubs, accusing them of using social media ads to lure retail investors into joining WhatsApp groups and defrauding them of over $14 million by promising AI-powered stock recommendations on fake platforms and counterfeit security tokens. The fraudulent methods included fabricating government licenses, falsifying transaction records, and charging fraudulent withdrawal fees. The SEC is seeking a permanent injunction, civil penalties, and recovery of unjust enrichment.