The Securities and Exchange Commission (SEC) has charged Karina Chairez, said to be a promoter of the AirBit Club investment scheme that targeted Latinx and Spanish-speaking communities, for acting as an unregistered broker.
The SEC notes that it previously brought similar charges against two other promoters of AirBit Club, Cecilia Millan and Margarita Cabrera, who allegedly solicited investors and promised investors returns through a purported digital asset trading program and from the recruitment of others.
The SEC’s complaint alleges that Chairez solicited investors for AirBit Club, including through social media platforms and in-person meetings, without registering with the Commission.
The SEC claims that Chairez raised large sums from investors, positioned herself at the top of an extensive pyramid of AirBit investors, and received substantial compensation from AirBit for the sale of the securities.
The SEC’s complaint, filed in the U.S. District Court for the Southern District of New York, charges Chairez with violating the broker-dealer registration provision of Section 15(a) of the Securities Exchange Act of 1934 and seeks injunctive relief, disgorgement and prejudgment interest, and civil penalties.