"SEC Charges Australian Sam Lee in $1.89B HyperFund Ponzi Scheme Fraud"
Australian blockchain entrepreneur Sam Lee has been charged with conspiracy to commit fraud in the US for his alleged role in operating the HyperVerse crypto investment schemes, described as a “pyramid and Ponzi scheme” alleged to have defrauded investors of US$1.89bn. The charges come after a joint investigation by the Department of Homeland Security’s El Dorado taskforce and the Internal Revenue Service’s criminal investigation unit. Lee, once dubbed the “crown prince of bitcoin” in Australia, faces up to five years in jail if convicted and is yet to appoint a defense attorney. The charges also involve another US promoter of the HyperVerse and HyperFund crypto schemes, Brenda Chunga, who has pleaded guilty to conspiracy to commit securities and wire fraud for her role. Despite Lee being an Australian citizen, Australian companies central to the schemes have escaped scrutiny from Australia’s corporate watchdog.
