CFTC File Lawsuit Against $11M Ponzi-Like Cryptocurrency Scam
Joeri Cant's original article for cointelegraph.com reduced by 59%
The United States Commodity Futures Trading Commission announced the filing of a civil enforcement action against Nevada-based Circle Society. Defendants guaranteed investors 300% returnOn Oct. 16, the CFTC announced that it was charging Circle Society and its owner, David Gilbert Saffron, with "Fraudulent solicitation, misappropriation, and registration violations relating to an $11 million binary options scheme." The defendants duped at least fourteen people into joining a pool operated by Circle Society, a fraudulent entity created by Saffron, which guaranteed up to 300% returns.
The CFTC will seek civil monetary penalties, restitution, rescission, disgorgement of ill-gotten gains, and trading and registration bans, but is aware that there might not be sufficient funds or assets to cover all the losses. Tarbert says Ethereum is a commodityCointelegraph previously reported that CFTC Chairman Tarbert had said that he believes Ether is a commodity and that ETH futures trading is becoming a reality. The CFTC previously stated that Bitcoin is a commodity, but Ether, the second-biggest cryptocurrency by market capitalization, had not been mentioned before.
"We've been very clear on bitcoin: bitcoin is a commodity. We haven't said anything about ether-until now It is my view as chairman of the CFTC that ether is a commodity..
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