Tag: CFTC

FTX
March 01, 2023 BY Steffy Bogdanova

CFTC and SEC file fraud charges against FTX co-owner Nishad Singh

According to the court filings, between May 2019 and November 2022, FTX’s customer assets were not separated from the company’s as represented to the customers. Furthermore, they were “routinely held by FTX’s sister digital asset trading company, Alameda” and misappropriated for “luxury real estate purchases, political contributions, and high-risk, liquid digital asset industry investments.” The…

Read more
CFTC
February 24, 2023 BY Steffy Bogdanova

CFTC issues charges in a $145 million Ponzi scheme

Additionally, between October 2020 and May 2022, at least 43 p[ool participants transferred around $470,780 to Yas Castellum LLC to participate in its supposed commodity pool after misrepresented historical trading records or how their funds were going to handled and traded. Furthermore, Brisco and Yas Castellum LLC, assisted by Sims, transferred the funds to entities…

Read more
CFTC
February 17, 2023 BY Alan Sayer

CFTC Charges Vista Network Technologies and CEO for Ponzi-Like Scheme

The CFTC says the defendants' representations were false because Vista never traded customer assets and did not even have a trading program capable of generating the promised returns. CFTC Acting Director of Enforcement Gretchen Lowe commented: This action demonstrates our ongoing commitment to use the tools at our disposal to hold bad actors accountable in…

Read more
CFTC
January 10, 2023 BY Steffy Bogdanova

CFTC charges Mango Markets manipulator with fraud in a $110 million scheme

Acting Director of Enforcement Gretchen Lowe, said: The CFTC will use all available enforcement tools to aggressively pursue fraud and manipulation regardless of the technology that is utilized. The CEA prohibits deception and swap manipulation, whether on a registered swap execution facility or on a decentralized blockchain-based trading platform.” The scheme According to the official…

Read more
CFTC
December 21, 2022 BY Steffy Bogdanova

CFTC fines CHS Hedging $6.5 million for supervision failures

The CFTC stated that one of CHS Hedging’s customers engaged in speculative trading that sustained millions of dollars in losses in their company account from January 2017 through December 2020. The customer and their company made margin payments of more than $147 million to CHS Hedging over the course of that period. The CFTC found…

Read more
CFTC
October 12, 2022 BY Steffy Bogdanova

Ztegrity slapped with a $940K fine for FX pool trading fraud

The forex scheme According to the CFTC, the fraudulent scheme ran from October 2019 to June 2021. The operators used different websites and social media platforms to advertise their forex trading pool “The Black Club” and “The Forex Savings Club.” They were marketed as a version of a savings account that offered a greater yield…

Read more
CFTC
September 23, 2022 BY Steffy Bogdanova

CFTC slaps a $250K fine on bZeroX and its founders and charges successor Ooki DAO for offering off-exchange digital-asset trading

According to the CFTc, this protocol purported to offer users the ability to engage in these transactions in a decentralized environment. The regulator determined these transactions unlawful as they were required to take place on a designated contract market, but they did not. Additionally, the complaint stated that bZeroX illegally operated as an unregistered FCM.…

Read more