The California Department of Financial Protection and Innovation (DFPI) issued a cease and desist order against 11 suspected Ponzi scheme encryption companies, including Elevate Pass LLC and Metafi Yielders, accusing them of misappropriating customer funds or violating state securities laws. Regulators even suspect that these companies actually Are the services they claim to be delivered. All 11 entities were involved in offering and selling substandard securities, and 10 of them also made false statements to investors and omitted material information, the regulator said. These entities have all been accused of using investor funds to pay other investors alleged profits in a Ponzi scheme. Additionally, each entity has a referral program that operates on a MLM basis.