Ohio Man Faces $54 Million in Penalties After CFTC Accuses Him of Crypto Scam

By Lola Coin Jun 28, 202379Views

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A federal court has ordered an Ohio man, Michale Ackerman, to pay $54 million in restitution and penalties for allegedly running a fraudulent cryptocurrency trading scheme. The court ruling comes after the Commodity Futures Trading Commission (CFTC) filed a complaint against Ackerman in 2020, accusing him of misappropriating millions of dollars of customer funds. According to the complaint, Ackerman received $33 million from over 150 individuals and entities, but only used $10 million for trading digital assets. The remaining $23 million was allegedly misappropriated for his personal use or to prolong the scheme. Ackerman is also banned from trading in CFTC-regulated markets and registering with the CFTC. In a separate criminal case, he was sentenced to five years of probation and ordered to pay $31 million in restitution.

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