The SEC alleges that Chavez was actually running a Ponzi scheme rather than use investor funds for crypto trading, Chavez used more than 90% of investor funds to pay fake returns to investors, support his lifestyle, and purchase and develop real estate that he and Benvenuto controlled. The defendants ultimately raised over $12 million from more than 5,000 investors. As alleged, Chavez claimed, among other things, to have earned outsized returns from crypto trading and to have "literally made over 5 millionaires in the last year." He also provided investors false documents that, among other things, grossly overstated his crypto experience and guaranteed that investors would not bear any losses. According to the complaint, the seminars were merely conduits for soliciting investors to give their money to CryptoFX, which Chavez would then supposedly use to conduct crypto asset and foreign exchange trading. However, the complaint alleges Chavez had no background, education, or training in investments or crypto assets. The SEC's complaint alleges that, in 2020, Chavez began holding paid classes for the ostensible purpose of educating and empowering the Latino community to build wealth through crypto asset trading. After a hearing on September 29, 2022, the Court also granted the SEC's motion for a receiver and extended the asset freeze.
At the SEC's request, the Court issued a temporary restraining order halting the offering, as well as temporary orders freezing assets and granting other emergency relief. Hardcore stuff going on there.On September 19, 2022, the Securities and Exchange Commission filed an emergency action to stop an on-going fraudulent and unregistered crypto asset offering targeting Latino investors, run by defendants Mauricio Chavez and Giorgio Benvenuto through a company Chavez founded and controlled, CryptoFX, LLC.
I used google translator to translate their Rakion2 page during that time and they claimed RLS shared wrong information about the game (they didn't went deep into explanation but the post was going near the lines of wrong creature info and playstyle) so they forced Softnyx Latino to cancel the CBT.
The korean Rakion (RKS?) had the best part. They never mentioned Rakion2 ever again in any video, stream, post or comment in their facebook page and nobody got to playtest it because of that. They also had a facebook page and a Rakion2 page next to their other games during that short period of time but they didn't post anything interesting aside from art and CBT info and was deleted days before the mentioned post. That was a message posted in July 14th, 2014. However, one week or so after the CBT announcement, they decided to "pospone the Rakion2 proyect until further notice", stating that the game requires more development and needs to be adapted almost perfectly for the latino audience. They were releasing a CBT for us and the participants were going to be chosen after answering on-point questions related to critique skills from a test. Not sure if this happened in RIS, but I can tell you the few things Softnyx Latino had told us.
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