The Securities and Exchange Commission charged two high-level promoters for acting as unregistered brokers when selling the securities of AirBit Club, an investment scheme that targeted LatinX and Spanish-speaking communities and promised returns through a purported digital asset trading program and from the recruitment of others.

The SEC's complaint, filed today, alleges that Cecilia Millan and Margarita Cabrera solicited investors for AirBit Club, including through social media platforms and in-person meetings, without registering with the Commission. According to the complaint, Millan and Cabrera posted videos to thousands of followers on their YouTube channels 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 Millan and Cabrera 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.

The SEC's investigation, which is continuing, is being conducted by Manuel Vazquez, Dora Zaldivar, and Gary Y. Leung. The litigation will be led by John B. Bulgozdy and supervised by Amy Jane Longo. The SEC appreciates the assistance of the U.S. Attorney's Office of the Southern District of New York and the Department of Homeland Security, Homeland Security Investigations.