CandleFocus From Crypto to Social Media: How 2023 Became the Year of Investment Scams in the US
2024-10-23
Author: Content Editor
According to the North American Securities Administrators Association's (NASAA) 2024 Enforcement Report, state securities regulators in North America are dealing with a surge in technology-driven investment fraud. The report revealed that there were 8,768 active investigations in 2023, with digital assets and internet-based fraud posing the biggest threats to retail investors. There were 343 new investigations into cryptocurrency-related schemes, excluding staking and NFTs, and 144 cases specifically targeting crypto staking operations. Social media-driven investment fraud also saw a significant increase from the previous year. The enforcement actions resulted in over $333 million in penalties and restitution orders and saw criminal sentences totaling 461 years of incarceration and 227 years of probation. The report also highlighted the targeting of older investors and the rise of fraudulent investment schemes using artificial intelligence. There was increased cooperation between state and federal authorities, with 608 cases being referred to state regulators by the SEC and FINRA.
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