Washington Regulator, DFI, Warns Of Miami Equity Fund 005 Crypto Fraud
The Washington State Department of Financial Institutions (DFI), Securities Division, has warned about crypto investment fraud following a complaint from a resident regarding their investment in the Miami Foundation Equity Fund 005 (or Miami Equity Fund Institute 005).
The investor had deposited funds on the now-inaccessible Vims.one platform through a Whatsapp group led by “Mark” and “Alice,” who promised over 100% returns twice weekly for cryptocurrency deposits.
Despite paying a 5% commission for withdrawals, the investor did not receive their funds. The scam falsely used a name similar to the legitimate Miami Foundation, which is not involved.
The DFI has labeled this an “Advance Fee Fraud” and a cryptocurrency investment scam that leverages social media.
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