The expanded lawsuit seeks more than $3 billion in restitution for defrauded investors.
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Over the past fiscal year, the CFTC has levied more than $6 billion in monetary relief through various enforcement actions. The agency is also moving against entities falsely claiming to be CFTC-registered futures commission merchants (FCMs) and registered foreign exchange dealers (RFEDs).
Reichenthal and Levine pled guilty in a parallel criminal action in the Southern District of New York. The court sentenced Reichenthal to time served with three years of supervised release and Levine to a term of 70 months imprisonment.
Bryan Lee is now charged by indictment with one count of conspiracy, two counts of mail fraud, one count of wire fraud, and three counts of engaging in monetary transactions in criminally derived property.
“Sun paid celebrities with millions of social media followers to tout the unregistered offerings, while specifically directing that they not disclose their compensation. This is the very conduct that the federal securities laws were designed to protect against regardless of the labels Sun and others used.”
The defendants allegedly disregarded the structure of the funds, commingled investor assets, and used more than $3.6 million to make Ponzi-like payments to fund investors.
“These tools will help us combat financial crime and fraud, hold regulated entities accountable, and further strengthen our national leadership in virtual currency supervision.”
Michael Alan Stollery, the former CEO and founder of Titanium Blockchain Infrastructure Services (TBIS) has pleaded guilty for his role in a cryptocurrency fraud scheme.
Randall Crater, founder of My Big Coin Pay Inc., has been convicted by a federal jury for defrauding investors by marketing and selling fraudulent virtual currency.
The complaint regards a $3.6 million fundraiser in Bitcoin through two online platforms – MyMicroProfits.com and Social Profimatic.
This is only the first case brought by the CFTC for a manipulative scheme involving digital assets
A Moscow court has ordered that Musatov stays detained for a month over $800,000 crypto fraud.
Blake Kantor, who ran Blue Bit Banc and Blue Bit Analytics, was sentenced to 86 months’ imprisonment.
During the nearly three years that he operated a binary options and cryptocurrency fraud scheme, Kantor stole some $1.5 million from US investors.
In the face of a Court ruling that My Big Coin is a virtual currency, and hence, a commodity under the CEA, Randall Crater insists on the opposite.
Founder of Taiwanese cryptocurrency exchange Ace Exchange, David Pan, has been indicted along with six other suspects on charges of fraud and money laundering.
NYAG Letitia James has been at the forefront of legal actions against several cryptocurrency companies, demonstrating her office’s commitment to protecting investors and maintaining market integrity.
“The actual fraud rate is likely three to 10 times higher, because today’s sophisticated attacks are committed by organized crime groups using AI, deep fakes and other technology to create false IDs nearly indistinguishable from the real thing.”
The United States has successfully extradited Serbian national Kristijan Krstic, accused of orchestrating a $70 million cryptocurrency and binary options fraud.
