The U.S. SEC has charged a man with carrying out a crypto fraud scheme named "Bitcoin Latinum," involving funds amounting to $16 million.

Techub News reported, according to FinanceFeeds, the U.S. SEC has filed a lawsuit against Donald Basile, accusing him of implementing a cryptocurrency fraud scheme named "Bitcoin Latinum" through Monsoon Blockchain Corp. and GIBF GP Inc. from March to December 2021, defrauding approximately $16 million from investors. According to the regulator, investors were told that the token was both asset-backed and insured. The SEC alleges that no insurance coverage actually existed and no evidence was provided to support these claims.