CFTC Charges South African Pool Operator and CEO with $1 7 Billion Fraud Involving Bitcoin cftc.gov - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from cftc.gov Daily Mail and Mail on Sunday newspapers.
<p><span>The Commodity Futures Trading Commission today announced it filed a civil enforcement action in the U.S. District Court for the Southern District of Florida, charging five individuals and five companies with fraud, misappropriation, and registration violations in connection with a fraudulent foreign currency (forex) scheme.</span></p>
<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
Date
22/12/2020
The Commodity Futures Trading Commission announced the U.S. District Court for the Eastern District of Wisconsin entered permanent trading and registration bans and a $740,968 civil monetary penalty against Southwest Services, L.L.C. a/k/a South West Services, LLC and its sole managing member, Timothy A. Sack of Oshkosh, Wisconsin. The court’s action follows the CFTC’s filing of a civil enforcement action against the defendants in October 2020. [See CFTC Press Release No. 8279-20]
The order finds that Southwest Services failed to register with the CFTC as a retail foreign exchange dealer (RFED), failed to provide customers with a written risk disclosure statement, and failed to keep books and records, as required. The order also finds that Sack failed to register with the CFTC as an associated person of a RFED. In addition, the order finds that Sack, as controlling person of Southwest Services, is liable for Southwest Services’ violations of the Com