RATE Group | Texas Court Orders Defendants to Pay $400K for Fraudulent Bitcoin Scheme
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Texas Court Orders Defendants to Pay $400K for Fraudulent Bitcoin Scheme

12 Jul Texas Court Orders Defendants to Pay $400K for Fraudulent Bitcoin Scheme

Posted at 18:13h in Bitcoin News by

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A Texas Federal Court has ordered two defendants to pay $400,000 for conducting a fraudulent scheme to solicit Bitcoin (BTC) from members of the public, the United States Commodity Futures Trading Commission (CFTC) announced on July 10.

Judge Reed C. O’Connor of the U.S. District Court for the Northern District of Texas filed an Order and Default Judgment on June 28, 2019, alleging that U.S. citizens Morgan Hunt and Kim Hecroft engaged in a fraudulent scheme to solicit Bitcoin from the public to invest in trading products like binary options, diamonds and foreign currency contracts. The defendants allegedly did business through entities called Diamonds Trading Investment House and First Options Trading.

The order specifically claims that the defendants “falsely claimed that they would use customer funds to invest in trading for the benefit of the customers, misrepresented their experience and track record as traders and portfolio managers, falsely told customers that they could…

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