Source: https://www.linkedin.com/feed/update/urn%3Ali%3Ashare%3A7057754093762588672
#CFTC’s #Largest #Fraud Scheme Case Involving #Bitcoin: Fugitive CEO Ordered to Pay $3.4 Billion in Record Fraud Case Involving #Bitcoin: Highest Eever #CFTC Civil Monetary Penalty: The executive has been arrested and is being held in Brazil: More than 23,000 people in the US were #defrauded in the #scheme: https://lnkd.in/gMXh9Vcj :
U.S. Commodity Futures Trading Commission: Federal Court Orders South African CEO to Pay Over $3.4 Billion for Forex Fraud: CFTC’s Largest Fraud Scheme Case Involving Bitcoin: #Highest #Civil #Monetary #Penalty Ordered in a CFTC Case: https://lnkd.in/gUUx_5pd : The Commodity Futures Trading Commission today announced Judge Lee Yeakel of the U.S. District Court for the Western District of Texas entered an order of default judgment and permanent injunction against Cornelius Johannes Steynberg of Stellenbosch, Western Cape, Republic of South Africa. The order requires Steynberg to pay $1,733,838,372 in restitution to defrauded victims and a $1,733,838,372 civil monetary penalty, which is the highest civil monetary penalty ordered in any CFTC case. This action is also the largest fraudulent scheme involving Bitcoin charged in any CFTC case. Additionally, under the order, Steynberg is permanently enjoined from engaging in conduct that violates the #Commodity #Exchange #Act (CEA), as charged, #registering with the CFTC, and #trading in any CFTC-#regulated #markets.
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A US judge has ordered a South African executive to pay more than $3.4 billion in #restitution and #fines for a #fraud #scheme involving #Bitcoin — the #highest-ever #civil #monetary #penalty in any U.S. Commodity Futures Trading Commission case.
Cornelius Johannes Steynberg, the founder and chief executive officer of Mirror Trading International Proprietary, committed #fraud tied to #retail #foreign-#currency #transactions, among other violations, the agency said in a statement that announced the order by US District Judge Lee Yeakel.
Between 2018 and 2021, Steynberg took part in a global “#fraudulent #multilevel #marketing #scheme” to #solicit #Bitcoin from people for participation in an #unregistered #commodity #pool.
He solicited at least 29,421 Bitcoin — worth more than $1.7 billion in March 2021 — from at least 23,000 individuals in the US and more from around the world, for participation in an unregistered commodity pool that his company operated.
“Either directly or indirectly, the defendants misappropriated all of the Bitcoin they accepted from pool participants,” #CFTC cautioned that it “may not result in the recovery of any money lost because wrongdoers may not have sufficient #funds or #assets.”
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