Pelahatchie woman and ‘Crypto Crusader’ charged in $300 million pyramid scheme

Pelahatchie woman and ‘Crypto Crusader’ charged in $300 million pyramid scheme
Pelahatchie woman and ‘Crypto Crusader’ charged in $300 million pyramid scheme(MGN/WLBT)
Published: Aug. 5, 2022 at 12:24 PM CDT
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PELAHATCHIE, Miss. (WLBT) - A resident of Pelahatchie, Mississippi, has been named as a defendant in a $300 million, multi-country “textbook pyramid and Ponzi scheme.”

Cheri Beth Bowen, 44, is one of 11 charged by the United States Securities and Exchange Commission for allegedly creating and promoting the scheme centering around the crypto trading company, Forsage.

Bowen was a promoter of Forsage and was one of the four co-founders of the “Crypto Crusaders,” who led the largest Forsage promotional group in the U.S. - their YouTube channel and Facebook group having over 75,000 subscribers.

In one YouTube webinar, Bowen told viewers she joined Forsage for $3,100 on June 8, 2020, and had made $1.1 million in eight months.

The other “Crypto Crusaders” include Carlos L. Martinez, 54, of Illinois, Ronald R. Deering, 69, of Idaho, and Alisha R. Shepperd, 34, of Florida.

Bowen declined to respond to the SEC’s subpoena during its investigation or appear for testimony.

“By promoting Forsage in the United States, the Crypto Crusaders engaged in a scheme to defraud investors and further engaged in practices that operated as a fraud or deceit upon those investors,” the SEC stated.

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