Get 40% Off
💰 Buffett reveals a $6.7B stake in Chubb. Copy the full portfolio for FREE with InvestingPro’s Stock Ideas toolCopy Portfolios

CFTC issues $54M default judgment against trader in crypto fraud scheme

Published 06/28/2023, 01:30 PM
Updated 06/28/2023, 03:00 PM

On June 28th, the Commodity Futures Trading Commission (CFTC) announced that Judge Naomi Reice Buchwald of the U.S. District Court for the Southern District of New York had issued a default judgment that granted a permanent injunction against Michael Ackerman, a resident of Alliance, Ohio.

Ackerman is now subjected to a ban from participating in any trading activities within CFTC-regulated markets and is prohibited from registering with the CFTC. Alongside these restrictions, the judgment mandates Ackerman to provide $27 million in restitution to the victims who suffered from his fraudulent digital asset trading scheme. Additionally, Ackerman is compelled to pay a $27 million civil monetary penalty, serving as a substantial financial consequence for his involvement in the deceptive scheme.

Continue Reading on Coin Telegraph

Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.