The SEC has filed charges against three crypto exchanges and four investment clubs in a coordinated fraud scheme, alleging that U.S. retail investors suffered losses exceeding $14 million.

Regulators say the defendants used strategic social media campaigns, private messaging apps, and counterfeit trading dashboards to project legitimacy, steering funds into fraudulent crypto channels.

The complaint names Morocoin Tech Corp., Berge Blockchain Technology Co. Ltd., Cirkor Inc., and the investment groups AI Wealth Inc., Lane Wealth Inc., AI Investment Education Foundation Limited, and Zenith Asset Technology Foundation.

The alleged operation ran from January 2024 through January 2025, targeting retail investors across the United States.

This case highlights how traditional scams blend with digital tools to create the illusion of a professional crypto investment enterprise on familiar platforms.