Consumer Alerts
FTX Consumer Alert
The Department of Financial Protection and Innovation (DFPI) is investigating the apparent failure of crypto asset platform FTX.
Sanjeev Kumar is Fraudulently Posing as a California-licensed Loan Officer
The California Department of Financial Protection and Innovation (DFPI) has received information that Sanjeev Kumar is fraudulently marketing himself through social media as a Senior Loan Officer under NMLS# 314126.
Scammer allegedly posing as Coinbase anti-fraud employee
The California Department of Financial Protection and Innovation (DFPI) has received a complaint from a California resident regarding a crypto asset scam.
Cryptocurrency website https://esc-spectrum.com/ and Escrow Spectrum, Inc. are not licensed escrow agents in California
The DFPI received a complaint from a foreign national that Escrow Spectrum, Inc., through its website https://esc-spectrum.com/ handled cryptocurrency escrow transactions, resulting in a $150,000 loss.
DFPI initiates revocation of Celsius Lending LLC’s CFL Lending License
On August 19, 2022, the DFPI issued a notice to Celsius Lending LLC that the DFPI intends to revoke its California Financing Law lender’s license and has immediately suspended its license pending resolution of the revocation action.
Buy Now, Pay Later Company Agrees to Cease Illegal Loans, Pay Refunds in Settlement
The DFPI has entered a settlement with Florida-based point-of-sale lender Four Technologies, Inc., in which the company has agreed to stop making loans, pay $2,500 in penalties, get a license, and refund $13,065 in illegal fees.
DFPI continues to bring actions against crypto interest account providers
On August 8, 2022, the DFPI issued an order finding that Celsius Network and its CEO, Alex Mashinsky, made material misrepresentations and omissions in the offer of crypto interest accounts, particularly in understating the risks of depositing digital assets with Celsius.
Beware of Fake Debt Collectors!
The Department has seen an increase in complaints involving fake debt collectors attempting to collect on false debts. We have provided some simple steps to avoid falling victim to a debt collection scam.
DFPI is actively investigating multiple companies offering “crypto-interest accounts”
The California Department of Financial Protection and Innovation (DFPI) is actively investigating multiple companies offering “crypto-interest accounts”.
Website https://crockerwealthmanagement.com/ is Fraudulently Posing as a California-licensed Investment Adviser
The DFPI has received information that the website https://crockerwealthmanagement.com/ is fraudulently marketing itself as a licensed Investment Adviser.
Cryptocurrency website https://www.maxprotrade.com appears to be engaged in fraud against California consumers
The California Department of Financial Protection and Innovation (DFPI) has received a complaint from a California resident regarding MaxproTrade Capital Holding Group Limited, which maintains a website at www.maxprotrade.com, and appears to be engaging in cryptocurrency fraud.
Phony cryptocurrency website https://ark-exchanges.com appears to be engaged in fraud against California consumers
The California Department of Financial Protection and Innovation (DFPI) has received a complaint from a California resident regarding a cryptocurrency scam.
California investor targeted in online crypto fraud
The California Department of Financial Protection and Innovation (DFPI) has received a complaint from a California resident regarding a crypto investment scam.
Cryptocurrency website coinworld tld.com appears to be engaged in fraud against California consumers
The California Department of Financial Protection and Innovation (DFPI) has received a complaint from a California resident regarding coinworldtld.com an offshore cryptocurrency trading platform that looks very similar to another legitimate website. Coinworld TLD claims to be registered in Arizona and operated in Hong Kong.
Cryptocurrency website coinbits.vip appears to be engaged in fraud against California consumers
The California Department of Financial Protection and Innovation (DFPI) has received a complaint from a California resident regarding coinbits.vip, an offshore cryptocurrency trading platform that promising guaranteed returns on investments.
FTX Consumer Alert
The Department of Financial Protection and Innovation (DFPI) is investigating the apparent failure of crypto asset platform FTX.
Scammer allegedly posing as Coinbase anti-fraud employee
The California Department of Financial Protection and Innovation (DFPI) has received a complaint from a California resident regarding a crypto asset scam.
Cryptocurrency website https://esc-spectrum.com/ and Escrow Spectrum, Inc. are not licensed escrow agents in California
The DFPI received a complaint from a foreign national that Escrow Spectrum, Inc., through its website https://esc-spectrum.com/ handled cryptocurrency escrow transactions, resulting in a $150,000 loss.
DFPI continues to bring actions against crypto interest account providers
On August 8, 2022, the DFPI issued an order finding that Celsius Network and its CEO, Alex Mashinsky, made material misrepresentations and omissions in the offer of crypto interest accounts, particularly in understating the risks of depositing digital assets with Celsius.
DFPI is actively investigating multiple companies offering “crypto-interest accounts”
The California Department of Financial Protection and Innovation (DFPI) is actively investigating multiple companies offering “crypto-interest accounts”.
Cryptocurrency website https://www.maxprotrade.com appears to be engaged in fraud against California consumers
The California Department of Financial Protection and Innovation (DFPI) has received a complaint from a California resident regarding MaxproTrade Capital Holding Group Limited, which maintains a website at www.maxprotrade.com, and appears to be engaging in cryptocurrency fraud.
Phony cryptocurrency website https://ark-exchanges.com appears to be engaged in fraud against California consumers
The California Department of Financial Protection and Innovation (DFPI) has received a complaint from a California resident regarding a cryptocurrency scam.
California investor targeted in online crypto fraud
The California Department of Financial Protection and Innovation (DFPI) has received a complaint from a California resident regarding a crypto investment scam.
Cryptocurrency website coinworld tld.com appears to be engaged in fraud against California consumers
The California Department of Financial Protection and Innovation (DFPI) has received a complaint from a California resident regarding coinworldtld.com an offshore cryptocurrency trading platform that looks very similar to another legitimate website. Coinworld TLD claims to be registered in Arizona and operated in Hong Kong.
Cryptocurrency website coinbits.vip appears to be engaged in fraud against California consumers
The California Department of Financial Protection and Innovation (DFPI) has received a complaint from a California resident regarding coinbits.vip, an offshore cryptocurrency trading platform that promising guaranteed returns on investments.