RATE Group | CFTC Requests Default After Failing to Find $147M Bitcoin Ponzi Operator
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CFTC Requests Default After Failing to Find $147M Bitcoin Ponzi Operator

04 Apr CFTC Requests Default After Failing to Find $147M Bitcoin Ponzi Operator

Posted at 15:01h in Bitcoin News by

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The United States Commodity Futures Trading Commission (CFTC) has requested that the alleged founder of the crypto $147 million Ponzi scheme Control-Finance be declared a default.

On April 3, the CFTC filed for a ruling of default after Control-Finance’s alleged founder and director, Benjamin Reynolds, did not respond to the regulator’s complaint.

CFTC unable to locate Reynolds after 10 months

The CFTC’s complaint was filed during June 2019 — alleging that Reynolds misappropriated at least 22,858 BTC from more than 1,000 customers from May 1, 2017.

In January 2020, the SEC requested additional time to locate Reynolds amid an ongoing investigation in South Korea.

During July 2019 the regulator had attempted to serve Reynolds at two addresses associated with the scheme’s director, later learning from Control-Finance investors that the accused may be situated in Korea. 

The CFTC simultaneously filed a notice of voluntary dismissal without prejudice against Control-Finance.

Ponzi…

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