In a series of consumer alerts, the Department of Financial Protection and Innovation has warned the public about recent fraudulent activities and enforcement actions in the California financial sector.

One alarming case involves an individual who identifies himself as Professor Jake Civiello and is reportedly impersonating a California-licensed investment adviser. Civiello operates a WhatsApp group called VIP Guidance Group. Still, officials confirm it is not affiliated with any licensed investment adviser or broker-dealer in the state, raising significant concerns about potential scams targeting unsuspecting consumers.

In another development, the Department has taken enforcement action against Coinme, a major player in the cryptocurrency kiosk market. Following an investigation, Coinme has been ordered to refund an additional $175,000 to California consumers who were unlawfully overcharged. This comes on the heels of a previous enforcement action initiated against the company in June 2025.

Additionally, Unchained, a crypto lending platform, has been fined $200,000 for breaching the California Financing Law (CFL). The company was found to be issuing high-risk bitcoin-based loans in the state without adequately assessing borrowers’ ability to repay, raising further red flags about consumer protection in the evolving cryptocurrency lending landscape.

Consumers are urged to exercise caution and conduct thorough research before engaging with financial services or investment opportunities.