SEC Charges NovaTech With Crypto Fraud Exceeding $650m LeapRate

August 14, 2024 BY Elizabeth Anderson

SEC Charges NovaTech With Crypto Fraud Exceeding $650m

Martin Zizi, Dapilinu Dunbar, James Corbett, Corrie Sampson, John Garofano and Marsha Hadley were also charged for allegedly promoting NovaTech. According to the financial watchdog, these parties raised more than $650m in virtual assets from over 200,000 investors across the globe by operating a multi-level marketing (MLM) and crypto asset investment programme between 2019 and…

June 20, 2024 BY Elizabeth Anderson

Three SFC Cases Go To Court, Regulator Celebrates 35 Years

According to the financial watchdog, 18 defendants face charges under the Securities and Futures Ordinance. These vary from conspiracy to defraud to money laundering and involve the shares of Eggriculture Food Limited (8609.HK), Fullwealth Construction Holdings Company Limited (1034.HK) and KNT Holdings Limited (1025.HK). Don’t miss out the latest news, subscribe to LeapRate’s newsletter This…

October 02, 2023 BY Elizabeth Anderson

Evergrande chairman under the scope for possible offshore asset transfers

Reuters reports that Evergrande has sought creditors’ approval to reorganise its offshore debts. A probe into the main China unit, however, complicated this endeavour. The newsagent indicated how a group of offshore debtors planned to obtain a legal petition to liquidate the developer if it did not restructure its debt repayment plan. On Friday, 29th…

July 14, 2023 BY Steffy Bogdanova

Celsius founder Alex Mashinsky arrested for crypto fraud

Likewise, the Commodities Futures Trading Commission (CFTC) brought similar charges against the crypto lender and its founder. The CFTC asserted that Celsius and Mashinsky operated an extensive commodity pool scheme involving digital asset commodities. The derivatives regulator announced a settlement agreement with Celsius, which includes a court order permanently prohibiting the company from engaging in…

June 23, 2023 BY Steffy Bogdanova

CFTC charges commodity pool operator with misappropriating over $21 million

The US regulator stated that Ichioka does not contest these claims. The CFTC is seeking full restitution to defrauded victims, a civil monetary penalty, and permanent trading and registration bans. Director of Enforcement Ian McGinley, said: The CFTC is committed to aggressively pursuing individuals who defraud public investors in digital assets and retail foreign currency…

June 16, 2023 BY Steffy Bogdanova

Commodity pool operator to pay over $24 million in forex fraud CFTC case

In April of the previous year, the US regulator filed a lawsuit against Kay, and her companies AK Equity Group and Xapphire. The CFTC accused them of unlawfully enticing approximately 67 investors to contribute at least $15.7 million to partake in a commodity pool, ostensibly for forex trading. The US watchdog added that the defendants…

May 26, 2023 BY Steffy Bogdanova

CFTC issues a $4.7 million fine for fraud and registration violations

The Commission found that that with her actions, McDowell acted as a CTA but she was not registered as required by the Commodity Exchange Act (CEA). Additionally, McDowell also made material misrepresentations about her services and omitted significant facts about her use of client funds and the profits purportedly earned by her clients. The regulator…

May 19, 2023 BY Steffy Bogdanova

CySEC warns against impersonators of representatives

The regulator further outlined that such in scams usually fraudsters claim to be officers or representatives of CySEC or real or fake authorities. The scammers usually claim to be CySEC officers or representatives or other real or fake bodies. The scammers usually approach investors via email which contains the name, address, official stamp and logo…

April 28, 2023 BY Steffy Bogdanova

US court orders South African CEO to pay $3.4 billion for Forex fraud in a CFTC case

As per the regulator's statement, Steynberg, the CEO of Mirror Trading International Proprietary Limited (MTI) allegedly used Bitcoin (BTC) payment to lure investors into the commodity pool, as per the regulator's statement. Despite this, MTI, which was founded and headed by Steynberg, has failed to register itself as a commodity pool operator (CPO) and comply…

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…

Tag: fraud