RATE Group | CFTC File Lawsuit Against $11M Ponzi-Like Cryptocurrency Scam
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CFTC File Lawsuit Against $11M Ponzi-Like Cryptocurrency Scam

16 Oct CFTC File Lawsuit Against $11M Ponzi-Like Cryptocurrency Scam

Posted at 22:53h in Cryptocurrency News by

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The United States Commodity Futures Trading Commission (CFTC) announced the filing of a civil enforcement action against Nevada-based Circle Society.

Defendants guaranteed investors 300% return

On Oct. 16, the CFTC announced that it was charging Circle Society and its owner, David Gilbert Saffron, with “fraudulent solicitation, misappropriation, and registration violations relating to an $11 million binary options scheme.”

According to the charges, the defendants misappropriated at least $11 million worth of Bitcoin (BTC) and U.S. dollars from individuals in the United States to “trade off-exchange binary options on foreign currencies and cryptocurrency pairs, among other things.” CFTC Chairman Heath P. Tarbert said:

“Fraudulent schemes, like that alleged in this case, not only cheat innocent people out of their hard-earned money, but they threaten to undermine the responsible development of these new and innovative markets. America must be a leader in this space, and we…

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