[2019-06-18]US CFTC Brings Action Against $147 Million Bitcoin Investment Scheme

Slow death

legendary

Activity: 3164

Merit: 1127

Leading Crypto Sports Betting & Casino Platform

reading these passages:

Quote from: Vladdirescu87 on June 18, 2019, 09:29:13 AM

The United States Commodity Futures Trading Commission (CFTC) launched action against a reportedly fraudulent $147 million bitcoin (BTC) scheme, fintech news outlet FinanceFeeds reports June 18.

Quote from: Vladdirescu87 on June 18, 2019, 09:29:13 AM

On June 17, the regulator reportedly filed a complaint with the New York Southern District Court against now-defunct United Kingdom-based entity Control-Finance Ltd, which reportedly defrauded more than 1,000 investors to launder at least 22,858 bitcoin.

someone may think that the regulator is being very hard, but when I read another part of the article:

Quote from: Vladdirescu87 on June 18, 2019, 09:29:13 AM

The CFTC also brings actions against the entity’s head, Benjamin Reynolds, stating that Control-Finance and Reynolds “exploited public enthusiasm for Bitcoin” from May 1, 2017, to October 31, 2017. The action seeks civil monetary penalties, including “permanent trading and registration bans, restitution, and disgorgement,” the report notes.

he will not be arrested or he is already arrested?

CryptoBry

sr. member

Activity: 1008

Merit: 355

All I am wishing for this whole drama is that the bitcoin which UK-based Control-Finance Ltd defrauded from their victims can be recovered and be returned to the rightful owners and not just be confiscated by the government. There are strict laws on scams and agencies of the government have to act accordingly in order to protect the interest of the people. This case should be pursued to its successful completion so as to teach a big message to everyone never to concoct any similar evil scheme. There is no place for scams in the cryptocurrency industry and we should be helping kick scammers out of the community wherever we are in the world. Scams are actually the ones making the image of bitcoin and the whole cryptocurrency tainted.

Kemarit

legendary

Activity: 3080

Merit: 1353

What do you expect from US regulators? SEC sued KIK (https://www.thestar.com/business/2019/06/04/sec-sues-kik-for-us100m-for-illegal-securities-offering-of-digital-tokens.html). And then I have a feeling that they put a lot of pressure on Binance as well. That's why Binance US was born partnering with Fincen approved partner, and now this one. They're sending a big message right now that they can step out of their boundaries to chase bad actors in crypto, specially if it involves defrauding US citizens.

Vladdirescu87

sr. member

Activity: 966

Merit: 264

The United States Commodity Futures Trading Commission (CFTC) launched action against a reportedly fraudulent $147 million bitcoin (BTC) scheme, fintech news outlet FinanceFeeds reports June 18.

On June 17, the regulator reportedly filed a complaint with the New York Southern District Court against now-defunct United Kingdom-based entity Control-Finance Ltd, which reportedly defrauded more than 1,000 investors to launder at least 22,858 bitcoin.

The CFTC also brings actions against the entity’s head, Benjamin Reynolds, stating that Control-Finance and Reynolds “exploited public enthusiasm for Bitcoin” from May 1, 2017, to October 31, 2017. The action seeks civil monetary penalties, including “permanent trading and registration bans, restitution, and disgorgement,” the report notes.

https://cointelegraph.com/news/us-cftc-brings-action-against-147-million-bitcoin-investment-scheme

Topic: [2019-06-18]US CFTC Brings Action Against $147 Million Bitcoin Investment Scheme (Read 154 times)