The North Dakota Securities Department has issued a warning about fraudulent “investment education foundations” that claim to teach investors about cryptocurrency and stocks while secretly operating elaborate scams. Tim Karsky, North Dakota Securities Commissioner, cautioned that these schemes use deceptive tactics, including “risk-free” trials and fake loans, to convince victims to invest their own money and pay excessive commissions. Karsky stated:
The rise of fake ‘investment education foundations’ is a concerning trend that preys on investors’ desire to reduce the risk of investing in cryptocurrency.
He emphasized that despite promises of guaranteed returns and expert advice, these operations are designed to mislead and defraud investors.
The scam typically begins with social media advertisements that direct potential victims to Whatsapp groups run by a fake founder and automated bots. Within these groups, the supposed founder offers investment lessons and later introduces a fraudulent cryptocurrency exchange. Investors are initially given “free” tokens to test an AI-powered trading bot, which falsely appears to generate profits.
Encouraged by the illusion of success, individuals deposit real money, and if they lack funds, scammers direct them to fake loan providers on Telegram. These loans are credited directly to the fraudulent exchange, but victims soon find they cannot withdraw any funds unless they repay the loans or cover fabricated commissions. The scam concludes with accounts being frozen under the pretense of regulatory issues before the fraudsters shut down operations and rebrand under a different name.
To gain credibility, scammers may present real government documents, claim registrations with the U.S. Securities and Exchange Commission (SEC) and U.S. Department of the Treasury, and publish misleading articles online. The North Dakota Securities Department stressed:
Scammers legitimize their operations using real government and professional documents, including registration with the U.S. Department of the Treasury and the U.S. Securities and Exchange Commission. They may also post articles online to appear legitimate and use old website domains to seem established.
The North Dakota Securities Department urges investors to verify an education foundation’s legitimacy before engaging with them. “Do not assume an education foundation is trustworthy just because it is promoted on social media,” Karsky warned.
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