HyperFund operator Brenda Chunga faces 11 charges and up to 20 years in prison.
TL;DR
HyperFund operator Brenda Chunga faces 11 charges, including wire fraud and money laundering, with a potential 20-year prison sentence. The scheme raised over $1.7 billion as a Ponzi scheme, causing major investor losses.
Tags
According to a Foresight News report, citing a statement from the U.S. Department of Justice, Brenda Chunga, the operator of HyperFund, has been charged with 11 counts, including conspiracy to commit wire fraud, two counts of wire fraud, seven counts of money laundering, and one count of operating an unlicensed money transfer business. If convicted on all counts, Brenda Chunga faces a maximum sentence of 20 years in prison.
Foresight News previously reported that in January 2024, the U.S. Securities and Exchange Commission (SEC) charged Xue Lee and Brenda Chunga, operators of the HyperFund scheme, with fraud and unregistered securities offerings. From June 2020 to early 2022, Xue Lee and Brenda Chunga raised more than $1.7 billion from investors, promoting HyperFund as an opportunity to invest in a profitable mining business, but it was actually a Ponzi scheme with no real source of revenue. The project collapsed in 2022, leaving investors with significant losses.