Crypto Ponzi Scheme Busted: US Court Orders Hedge Fund Owner To Pay $84 Million
In the crypto world, a Chicago federal judge has ordered Sam Ikkurty, an Oregon resident, and his associated companies to pay over $120 million to victims defrauded in what the Commodity Futures Trading Commission (CFTC) has labeled a “classic Ponzi scheme.” The July 2nd ruling by Judge Mary Rowland marks a significant victory for the […]
Related News
The cryptocurrency world is divided over the merits of meme coins – digital tokens inspired by internet jokes and pop culture references. Proponents hail them as a chance for explosive returns, while established figures like Bitcoin evangelist Adam Back scoff, calling them a passing fad. Related Reading: Crypto Ponzi Scheme Busted: US Court Orders Hedge […]
A cryptocurrency fund manager has been charged in a U.S. federal court. He allegedly took over $5 million from investors interested in investing in his crypto funds, promising them high returns. In reality, he was running a Ponzi scheme and is now facing up to 30 years in prison. Crypto Fund Manager Arrested for Running a Ponzi Scheme The U.S. Department of Justice (DOJ) announced Tuesday that Jeremy Spence has been arrested and charged in Manhattan federal court in a fraudulent cryptocurrency scheme. The 24-year-old from Bristol, Rhode Island, is also known as “Coin Signals.”....
A district judge has ordered a bitcoin Ponzi operator to be arrested and imprisoned after he ignored multiple court orders and failed to pay the U.S. Securities and Exchange Commission (SEC) $40 million. He pleaded guilty to securities fraud in 2015.
Bitcoin Ponzi Operator Faces Imprisonment After Failing to Pay SEC
Judge Amos L. Mazzant of the U.S. District Court for the Eastern District of Texas said earlier this week that a bitcoin Ponzi operator will be arrested and imprisoned for civil contempt unless he immediately provides overdue documents and payments, Bloomberg....
US authorities in the state of Nevada have accused Las Vegas business owner Brent C. Kovar of allegedly running a million-dollar cryptocurrency Ponzi scheme. If found guilty, Kovar faces a long prison term with a fine of $4.5 million. Related Reading: ‘I Just Don’t Feel Great About Bitcoin’: JPMorgan CEO Talks About Crypto’s Alleged Dark […]
The Federal judge overseeing the Celsius case has asked for an investigation to look into whether the firm acted like a Ponzi scheme and has asked for additional details before approving a $3 million bonus scheme. The judge overseeing the Celsius bankruptcy case has ordered the examiner and the official committee of Celsius creditors to determine who will head a probe into whether the firm was operating like a Ponzi scheme.The order during the Nov. 1 hearing comes in response to allegations from customers that Celsius had used assets of new users to pay yields and facilitate withdrawals to....