3 years ago
Cheyenne Ligon is simply a CoinDesk quality newsman with a absorption connected crypto regularisation and policy. She has nary important crypto holdings.
Two U.S. residents person been charged with moving a crypto ponzi strategy that allegedly defrauded hundreds of investors retired of a corporate $44 million.
Officials with the Commodity Futures Trading Commission (CFTC) allege Sam Ikkurty (also known arsenic Sreenivas I Rao), of Portland, Oregon, and Ravishankar Avadhanam of Aurora, Illinois, arsenic good arsenic respective firm entities controlled by the defendants, worked unneurotic to person their victims to put successful a “so-called income money invested successful integer assets.”
The defendants person besides been charged with operating an amerciable commodity excavation and failing to registry arsenic a Commodity Pool Operator with the CFTC.
Beginning successful 2017, Ikkurty and Avadhanam allegedly told would-be investors successful Ikkurty Capital, Rose City Income Fund and Seneca Ventures that the brace would usage their funds to put successful assorted cryptocurrencies, promising precise precocious returns – immoderate arsenic precocious arsenic 62% annually. According to the complaint, the brace advertised via a website arsenic good arsenic videos posted connected YouTube.
Instead, the CFTC said, Ikkurty and Avadhanam pooled the capitalist funds and “distributed the bulk of those funds arsenic profits to different participants successful a mode akin to a Ponzi scheme.”
Additionally, the CFTC said Ikkurty and Avadhanam kept $18 cardinal for themselves, transferring the funds to “other participants” and off-shore entities nether their control.
A national tribunal has issued a restraining bid that freezes the assets successful question, preserves documents relating to the alleged scheme, and appoints a receiver for capitalist funds.
The CFTC is seeking restitution, disgorgement, civilian monetary penalties, and imperishable trading bans and injunctions against aboriginal violations of the Commodity Exchange Act (CEA).
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Cheyenne Ligon is simply a CoinDesk quality newsman with a absorption connected crypto regularisation and policy. She has nary important crypto holdings.
Cheyenne Ligon is simply a CoinDesk quality newsman with a absorption connected crypto regularisation and policy. She has nary important crypto holdings.
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