Only $10 Million Was Used to Trade Digital Commodity Assets
The Commodity Futures Trading Commission (CFTC) has announced a default judgment against Michael Ackerman, the operator of a fraudulent digital asset trading scheme. The judgment grants a permanent injunction that prohibits Ackerman from trading on regulated markets and registering with the CFTC. Ackerman has also been sentenced to five years of probation and is required to pay $27 million in restitution and a civil monetary penalty of $27 million.
Main Breakdowns:
– Ackerman used only $10 million of the $33 million he obtained from individuals and entities to trade digital commodity assets.
– Ackerman is accused of lying to his victims by providing false accounting statements and fictitious trading returns.
– The CFTC warns that injunction orders may not result in the recovery of funds.
– The CFTC is committed to protecting customers and holding wrongdoers accountable.
Injunction Orders May Not Lead to Recovery of Funds
The CFTC accuses Ackerman of deceiving his victims with false accounting statements and trading returns. The commission also warns that orders requiring payment to victims may not result in the recovery of lost funds. Despite this, the CFTC remains dedicated to protecting customers and ensuring wrongdoers are held accountable.
Hot Take:
This case serves as a reminder of the prevalence of fraudulent schemes in the digital asset trading space. It is crucial for investors to exercise caution and conduct thorough research before engaging in any trading activities. The CFTC’s efforts to hold wrongdoers accountable are commendable, but it is important for individuals to be vigilant and take responsibility for their own investments.
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