Gurbir S. Grewal, Director of the SEC’s Division of Enforcement, warned about the risks of relationship investment scams, particularly those involving crypto asset investments. He stated that these scams are increasingly popular with fraudsters and can cause catastrophic harm to retail investors. The SEC has filed cases against fraudsters who created fake crypto ecosystems to deceive investors with false information. Grewal urged the public to be cautious of investment opportunities promoted by strangers on social media to avoid falling victim to scams.
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