RATE Group | Crypto Traders Allegedly Involved in a $35m Ponzi Scheme
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Crypto Traders Allegedly Involved in a $35m Ponzi Scheme

04 Apr Crypto Traders Allegedly Involved in a $35m Ponzi Scheme

Posted at 16:32h in Cryptocurrency News by

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Three alleged cryptocurrency traders ran a Ponzi scheme which scammed more than 100 investors for over $35 million, according to a lawsuit filed by an entity formed by the victims in a federal court of Florida, United States.

According to an announcement published on April 2, Q3 Investment Recovery Vehicle, who represents defrauded investors, accused the trio of alleged crypto traders of cheating victims by promising them a winning trading formula. 

Former NYSE and Wells Fargo workers among the accused 

The federal securities fraud case names three individuals as the primary perpetrators of the scheme. They include James Seijas, who worked as a financial advisor for Wells Fargo until March 2019, Quan Tran, a surgeon, and Michael Ackerman, who was a New York Stock Exchange institutional broker. These three are thought to have appropriated money from at least 20 victims who relayed their complaints in the court. 

The Q3 Recovery Vehicle stated the following:

“The founders claimed,…

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