SEC v. Chibuzo Augustine Onyeachonam

Chibuzo Augustine Onyeachonam, Stanley Chidubem Asiegbu, and Chukwuebuka Martin Nweke-Eze allegedly impersonated legitimate securities brokers and investment advisers in an elaborate online scheme through which the defendants stole more than $2.9 million from at least 28 investors. According to the SEC’s complaint, from at least 2019 to the present, the three defendants created websites impersonating nearly two dozen actual securities brokers and investment adviser representatives at well-known U.S. securities firms as part of a fraudulent scheme to entice potential investors in the United States to invest funds with the defendants. The defendants allegedly lured investors to the websites by placing fictitious comments from purported clients on social media and in investment group chats praising the representatives’ trading success. The defendants allegedly promised monthly returns of up to 25 percent and directed investors to fake online investment platforms they created to make investors think their portfolios were increasing in value.

Summary generated from official Securities and Exchange Commission press release