DON’T Miss Out: CFTC Issues $54M Default Judgment Against Crypto Fraud Trader

CFTC issues $54M default judgment against trader in crypto fraud scheme

The Commodity Futures Trading Commission (CFTC) has issued a default judgment of $54 million against a trader who was found to have engaged in a fraudulent scheme involving the sale of cryptocurrency. The trader was accused of fraudulently soliciting and misappropriating customer funds, and of making false and misleading statements about the investments.

The CFTC found that the trader had solicited at least $1.1 million from customers for investments in cryptocurrency, but instead misappropriated the funds for his own personal use. The trader also made false and misleading statements about the investments, including that they were “backed by gold” and that the profits were “guaranteed”.

The CFTC’s order requires the trader to pay restitution to the affected customers, disgorge all ill-gotten gains, and pay a civil monetary penalty of $54 million. The order also permanently bans the trader from engaging in any commodity-related activity, and from registering with the CFTC.

CFTC charges trader with fraud

The CFTC has charged a trader with fraud for his involvement in a scheme involving the sale of cryptocurrency. The trader was accused of misappropriating customer funds, making false and misleading statements about the investments, and engaging in a fraudulent scheme.

The CFTC is seeking a default judgment of $54 million against the trader.