The U.S. District Court for the District of Nevada has entered a default judgment against defendants David Gilbert Saffron and his firm Circle Society for a cryptocurrency fraud and misappropriation scheme. The Australian citizen residing in Las Vegas and his firm were ordered by the court to pay restitution of $14,841,280 to victims, disgorgement of […]
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The SEC found that Mr. Alford actually used the investor funds to pay personal expenses, including construction costs associated with a multi-million dollar home, and to make interest payments to earlier investors in order to keep the Ponzi scheme running.
Mr. Butler told customers his firm would pool customer deposits into a single trading account at Nadex and trade on the customers’ behalf. Instead, he spent tens of thousands of dollars on jewelry, purchases at Apple stores, and Toys “R” Us gift cards.
Mr. Olson admitted he took other actions to defraud customers while receiving disbursements totaling $241,070.30 and led customers to convert their Blue Bit account holdings into ATM Coin, a worthless cryptocurrency.
U.S. District Judge Paul W. Grimm ordered Mr. Carter to pay $4,355,110.39 as he had already returned $1,794,052.38 to the victims even before being discovered.
“In the context of Gamestop, however, it is relevant, however, to draw attention to the increase in retail trading accounts in the UK during 2020. The trend preceded the lockdown but accelerated during the first lockdown in particular, perhaps fuelled by people spending more time online, more time at home, and the increase in so-called commission-free trading.”
This is only the first case brought by the CFTC for a manipulative scheme involving digital assets
The AI-powered platform provides AML and fraud solutions, with real-time behavioral analytics and machine learning capabilities.
The statement must be sending chills down many spines in New York, a state that adopted cryptocurrencies early on. While many firms have been granted regulatory approval to operate, it is unclear how many unregistered broker-dealers are still out there. We will find out soon enough.
Nick Morgan believes chances of obtaining prosecutions are quite slim but very possible
Increased fraudulent activity in options trading via account takeover and identity theft is pressing the industry to take measures as FINRA stated these crimes may trigger legal or regulatory obligations for firms housing either the victim or profiting accounts.
As the cryptocurrency ecosystem comes closer to a boom in decentralized finance (DeFi), it might be prudent to remember the initial coin offering (ICO) mania and the price that many investors paid for being maybe too trusting, greedy, and illiterate.
Online fraud is a growth industry, a 2019 report by American Express suggested that as much as 27% of all online sales turn out to be fraudulent
After a two-week trial, James Vorley and Cedric Chanu were convicted of three counts and seven counts, respectively, of wire fraud affecting a financial institution.
The CFTC and 30 state regulators charge Los Angeles precious metals dealers in ongoing $185 million fraud.
The regulator says that Herzog has failed to appear, plead or otherwise defend within the time allowed, and, therefore, is now in default.
During his tenure as a Nadex member, Dominick Carducci failed to timely inform Nadex that he was a party to regulatory and criminal matters.
Danil Potekhin a/k/a cronuswar and Dmitrii Karasavidi have been charged with crimes in connection with an alleged conspiracy to defraud three cryptocurrency exchanges and their customers.
The CFTC has brought charges against Mayco Alexis Maldonado Garcia, Cesar Castaneda, Rodrigo Jose Castro Molina, and Joel Castaneda Garcia.