CFTC Charges 5 in Fraudulent Digital Asset Trading Scheme

Veröffentlicht von

• The US Commodity Futures Trading Commission (CFTC) has charged 5 individuals with a civil enforcement action for running a fraudulent digital asset scheme.
• The defendants promised “daily returns” of between 0.9% to 2.8%, but instead misappropriated the funds and left customers with losses.
• In addition to the CFTC’s action, the U.S. Attorney’s Office has charged the defendants with wire fraud in connection with the Icomtech scheme.

CFTC Charges 5 Individuals in Fraudulent Digital Asset Scheme

The US Commodity Futures Trading Commission (CFTC) has filed a civil enforcement action against five individuals, accusing them of running a fraudulent digital asset trading scheme. The defendants, David Carmona, Juan Arellano Parra, Moses Valdez, David Brend, and Marco A. Ruiz Ochoa, were all associated with a business known as Icomtech.

Promises Made by Defendants

According to the CFTC’s complaint, the defendants fraudulently solicited hundreds of thousands of dollars from over 170 individuals in the U.S. and abroad, promising to trade bitcoin and other digital assets on their behalf. The scheme primarily targeted Spanish-speaking communities and promised “daily returns” of between 0.9% to 2.8% and claimed they would double customers‘ investments within four to eight months.

Misappropriation of Funds

However, the CFTC alleges that the defendants did not trade as promised and instead misappropriated the funds, leading to some customers losing all their money.

Upright Action Against Fraudsters

In addition to the CFTC’s action, the U.S. Attorney’s Office for the Southern District of New York unsealed an indictment in October 2022, charging them with wire fraud in connection with this scheme . The CFTC is seeking restitution, disgorgement civil monetary penalties registration bans , permanent trading injunction against further violations of commodity exchange act , CFTC regulations .

Encouraging Reporting Suspicious Activity

Furthermore , division of enforcement encourages customers , other individuals promptly report suspicious activities or information which may involve potential breaches commodity trading laws .