The United States Securities of Exchange(SEC) has stopped an approved Cryptocurrency Ponzi Scheme after getting funds worth $30 million, the regulator declared via press release on May 21.

Argyle coin is the latest in the Crypto Ponzi scheme which has tricked around 300 investors. The SEC is taking the vigorous option on removing the illegal crypto operations happening in the country.

The main person behind the Argyle coin, Jose Angel Aman will have to face an SEC-imposed legal action for running a Crypto Ponzi Scheme using funds which he has obtained from investors in his supposed diamond resale outfit. 

Earlier, he started becoming suspicious when he was found to be involved with some diamond-related firms, ensuring investors huge investing via the reselling of wholesale diamonds. Argyle coin also ensured that there was full backing of the precious stones.

 Eric I. Bustillo, who is the director of the SEC's Miami Regional Office said, “As alleged, Aman operated a complicated web of fraudulent companies in an effort to continually loot retail investors and perpetuate the Ponzi schemes as well as divert money to himself.”

The Scheme led money back only to the Aman's own accounts, even though Bustillo said that the SEC was able to uncover the Ponzi Scheme before it affects more investors.  The SEC is trying its best to bring justice to harmed investors.

In the recent accusation, Aman has been involved with firms such as Natural Diamonds Investment Co. and Eagle Financial Diamond Group Inc. The two people who helped him are Harold Seigel and Jonathan H. Seigel, both are under legal action.

Argyle coin has been involved in participation from 300 investors from the US and Canada. Moreover, Aman has been charged for selling unlicensed securities since the last few years.

The SEC is more offensive in taking actions against operators who perform illegal activities in the crypto space. Formal regulations are currently debated and alerted, however latest crackdown might help to keep some of these platforms in line. Earlier, U.S. regulators have released an Operation known as Cryptosweep, which is investing in targeting compliance made from hundreds of initial coin offerings.

 Joseph P. Borg, who is the president of convenor the North American Securities Administrators Association, said in a press release last year that 
“Despite a series of public warnings from securities regulators at all levels of government, cryptocriminals need to know that state and provincial securities regulators are taking swift and effective action to protect investors from their schemes and scams.”