Frequently Asked Questions
- What is this lawsuit?
- What is a receivership?
- Where is the money that we invested?
- Is CryptoFX still open?
- Are the CryptoFX classes still happening?
- Can I get my money back?
- How long will this take?
- Who pays for the receivership?
- How do I contact the receiver?
- What do I do if I am an investor and would like to report what happened to me?
- Do I need a lawyer?
- What is this lawsuit?
A federal government agency called the Securities and Exchange Commission (SEC) brought a lawsuit against CryptoFX, Mauricio Chavez, and Giorgio Benvenuto, claiming that they committed fraud by misleading investors in CryptoFX about how much they could make by investing in CryptoFX. The SEC believes CryptoFX does not have enough money to pay all the investors what they were promised. The SEC also has not found any evidence that money given by investors was actually being invested. Based on what the SEC has found so far, it appears that new investors’ money was just used to pay off old investors and that the money was never invested.
Top - What is a receivership?
The federal court where the SEC filed this lawsuit appointed John Lewis, Jr. as a receiver. The receiver’s job is to find all the money and other assets that CryptoFX, Chavez, and Benvenuto have and protect those assets from being spent by anyone while this case is going on.
Top - Where is the money that we invested?
The receiver is trying to identify how much money is left and how much has already been spent by CryptoFX, Chavez, and Benvenuto. All money and other assets that the receiver finds will be safeguarded in a secure account.
Top - Is CryptoFX still open?
No, the business is closed by order of the court. If you are aware of CryptoFX attempting to operate, please report it immediately to [email protected] or 713.546.5653.
Top - Are the CryptoFX classes still happening?
No, the classes are shut down by order of the court. If you are aware of CryptoFX attempting to hold classes, please report it immediately to [email protected] or 713.546.5653.
Top - Can I get my money back?
At this time, it is unknown how much each investor will be able to be paid back. At the appropriate time, the Receiver will set up a system for investors to submit claims with how much money they invested. IT IS IMPORTANT THAT YOU SAVE ALL DOCUMENTS, RECEIPTS, AND OTHER PAPERWORK YOU HAVE RELATED TO CRYPTOFX. If the SEC wins this lawsuit, money that was collected by the receiver from CryptoFX, Chavez, and Benvenuto will be distributed to investors. However, it is important to understand that this process could take a few years, and it is unlikely that every investor will be paid back in full.
Top - How long will this take?
It is hard to tell at this time, because it depends on many factors including how difficult it is to identify assets and how difficult it is to identify investors. However, it will most likely take more than a year.
Top - Who pays for the receivership?
All expenses of the receivership are paid out of the assets that the receiver collects. The receiver’s goal is to spend time and money wisely. Payments made to the receiver, his lawyers, and his consultants must be approved by the Court. The fees are based upon the discounted standard hourly rates of all professionals involved. There will also be other operating expenses associated with the receivership and costs associated with recovering and selling the assets.
Top - How do I contact the receiver?
You can contact him by email at [email protected] or by phone at 713.546.5653.
Top - What do I do if I am an investor and would like to report what happened to me?
The receiver would appreciate any information you have about your investments with CryptoFX. Please email [email protected] or call 713.546.5653.
Top - Do I need a lawyer?
The receiver cannot provide you with legal advice. The receiver is not your lawyer. If you would like to speak to an attorney, you may hire one on your own, but you do not have to.
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