“Identifying and policing fraud in these emerging markets may be difficult or delayed in light of the agency’s limited visibility in these markets”, said CFTC Commissioner Kristin Johnson.
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The CFTC alleged that defendants transferred millions of dollars to an off-shore entity that, in turn, may have transferred funds to a foreign cryptocurrency exchange. None of these funds were returned to the pool.
We allege that the defendants deceived investors about the pre-IPO shares they held, how much they were charging in fees, and who was controlling the business—all while paying themselves more than $75 million.
He was able to persuade these investors by claiming his companies had historically made large profits, between 8 to 25% per month.
The asset freeze obtained by the SEC against Beasley and the other defendants prevents any further dissipation of investor funds.
The CFTC will continue to partner with foreign regulators, Denmark in this case, and other agencies to aggressively pursue individuals that commit fraud against its residents.
The CFTC first pressed charges against Abner Tinoco in October 2021, accusing him on fraudulent solicitations and misappropriation of over $3.9 million from at least 61 clients. The number has since moved upwards of $7.2 million from at least 322 clients.
CFTC Commissioner Dawn Stump issued a separate statement just to clarify that the CFTC regulates cash or “spot” transactions in Bitcoin or other digital assets.
The scammer used the money to pay for travel costs, including chartering a private jet, renting a luxury mansion and cars, leasing a luxury automobile, as well as purchasing real estate, according to the CFTC.
Craig Clavin solicited at least $345,000 for trading commodity futures. Instead, the money was used for personal expenses and to pay purported profits to some pool participants like any other Ponzi scheme.
Storm and Elijah Bryant, both individually and as agents of Capital Storm, Generation Black, and/or Ncome, describe themselves as highly successful forex traders who generate tremendous returns for their clients.
Bernard L. Madoff used his position as chairman of BLMIS to steal billions from his clients.
BitConnect became widely known as an internet meme after its first annual ceremony in Thailand. During the event, New York-based investor Carlos Matos screamed repeatedly “BITCONNET!!!”
Two Shakopee residents and their associated forex investment firm are in hot water with the U.S. Securities Exchange Commission as they stand accused of operating like a Ponzi scheme.
John Woods, one of the minority owners of the Chattanooga Lookouts, was charged by the Securities and Exchange Commission for operating a massive Ponzi Scheme for decades.
Mr. Maroney misappropriated at least $4.48 million in investor funds to enrich himself and his family, “including the purchase and maintenance of his waterfront home and a Mercedes Benz, and to pay for his extensive credit card bills and renovation-related expenses on the house”, the SEC claims.
Mr. Lien admitted that from August 2000 until December 2019, he solicited more than $14.2 million from 45 individuals to manage their trading in commodity futures, specifically U.S. Treasury Bond futures.
Matthew Beresford even went to the extent of advertising his ‘scheme’ on the radio across Melbourne.
Syed Arham Arbab will also have to pay $509,032 in restitution.