SEC Busted 38 Crypto Scams Using Real Filings To Fake Legitimacy

A Form ADV generates a real CRD number and a real SEC file number automatically on submission, before any human review. The entities did not forge a credential — they filed for one, received genuine numbers, and printed them on fabricated 'SEC RIA permission' certificates.

The SEC filed civil complaints against 38 entities alleging they used false Form ADV filings to appear to be legitimate exempt reporting advisers to U.S. retail investors.

Why it matters: Looking an adviser up in the federal database confirms only that they filed. The check most people are told to run does not prove the address, the phone, the auditor or the money is real.

Date to watch: Whether the courts grant the SEC's requested bar on these entities filing Forms ADV as exempt reporting advisers

Sources:

• SEC Press Release 2026-78 (2026-08-27)
  https://www.sec.gov/newsroom/press-releases/2026-78-sec-38-entities-feigned-legitimacy-us-advisers-through-false-filings-lure-retail-investors
• SEC Litigation Release LR-26622 (2026-08-27)
  https://www.sec.gov/enforcement-litigation/litigation-releases/lr-26622
• SEC investor alert — ERA filing scams (2026-08-27)
  https://www.investor.gov/introduction-investing/general-resources/news-alerts/alerts-bulletins/investor-alerts/ERA-filing-scams
• Complaint — SEC v. Wingspan Advisors (2026-08-27)
  https://www.sec.gov/files/litigation/complaints/2026/comp-pr2026-78-wingspan-advisors.pdf
• Complaint — SEC v. Abrdn Canada Ltd. (2026-08-27)
  https://www.sec.gov/files/litigation/complaints/2026/comp-pr2026-78-abrdn-canada.pdf
• FBI Operation Level Up (2026-08-27)
  https://www.fbi.gov/how-we-can-help-you/victim-services/national-crimes-and-victim-resources/operation-level-up

The Throughline decodes today's headline — with receipts. Every claim is sourced; links below.
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