<p><span>The Commodity Futures Trading Commission announced today that it filed a civil enforcement action in the U.S. District Court for the Western District of North Carolina, charging defendants Storm Bryant and Elijah Bryant, III of Los Angeles, California and CapitalStorm, LLC, GenerationBlack, LLC and NCome, LLC, all North Carolina limited liability companies, with fraudulent solicitation, misappropriation and registration violations relating to a $1.05 million fraudulent scheme operated by the Bryants through their corporate entities.</span></p>
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Federal Court Orders Nevada Company And Its Owner To Pay More Than $32 Million For Cryptocurrency Fraud And Misappropriation Scheme Date
08/04/2021
The Commodity Futures Trading Commission today announced that following a hearing on the merits, the U.S. District Court for the District of Nevada entered a default judgment against defendants David Gilbert Saffron, an Australian citizen residing in Las Vegas, Nevada and/or Los Angeles, California, and Circle Society, Corp., a Nevada corporation, for a cryptocurrency fraud and misappropriation scheme.
The court’s March 29, 2021 final judgment requires defendants Saffron and Circle Society, jointly and severally, to pay restitution of $14,841,280 to defrauded pool participants, disgorgement of $15,815,967, and a civil monetary penalty of $1,484,128. The final judgment also permanently enjoins the defendants from engaging in conduct that violates the Commodity Exchange Act and CFTC regulations, registering with the CFTC, tradi