Bellflower Company Employees Charged in $1M Crypto Investment Fraud
Two Charged in $1 Million Cryptocurrency Fraud Targeting Low-Income Victims
Allegations of a Deceptive Investment Scheme
In a significant legal development, authorities in Los Angeles have announced charges against two individuals linked to a financial services firm in Bellflower. They are accused of defrauding over $1 million from vulnerable, predominantly Spanish-speaking individuals through a bogus cryptocurrency investment operation.
Details of the Accusations
Yone Rios, aged 53, from Rancho Cucamonga, and Erwing Cuevas, 35, from Norwalk, face 30 felony counts of grand theft each. Additionally, Rios is charged with one count of forgery related to an item valued over $950 and another count for passing a check with insufficient funds exceeding the same amount, as stated by the Los Angeles County District Attorney’s Office.
Operation of the Fraudulent Scheme
Between September 2020 and December 2022, Rios and Cuevas allegedly ran their fraudulent activities under the pretense of a cryptocurrency mining business named Zukre Platform Corporation. Prosecutors assert that despite claims of managing equipment for cryptocurrency mining, the company was never registered in California and did not engage in any legitimate operations.
Recruitment of Victims
The defendants reportedly lured victims through their financial services business, Fuego Tax, also known as Supremo Tax, located in Bellflower. Many individuals sought help with high-limit credit cards and loans, only to be persuaded to invest the funds they obtained through these loans into the fraudulent scheme.
Misrepresentation of Investments
Rios and Cuevas allegedly assured their victims that the investments were completely safe, guaranteed, and insured. They provided written contracts and encouraged clients to download a mobile app branded with Zukre’s name, which falsely displayed profits from their supposed investments.
Financial Impact on Victims
Investments made by individuals ranged from approximately $4,500 to $280,000. Despite numerous attempts to retrieve their funds, none of the victims received any returns or were able to recover their initial investments, according to the District Attorney’s Office.
Legal Proceedings and Potential Sentences
Prosecutors are seeking bail to be set at $600,000 for each defendant. If found guilty, Rios could face a maximum sentence of 23 years and eight months in state prison, while Cuevas could be sentenced to up to 21 years and four months.
Commitment to Justice
L.A. County District Attorney Nathan J. Hochman emphasized the seriousness of the charges, stating, “My office will not tolerate financial predators who claim to provide legitimate services but instead inflict financial devastation. We will pursue those who exploit our communities, whether through street crime or sophisticated investment schemes, and ensure they are held accountable.”
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