RATE Group | U.S. Judge Slaps Bitcoin Fraudster with $1.9 Million in Penalties
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U.S. Judge Slaps Bitcoin Fraudster with $1.9 Million in Penalties

24 Jul U.S. Judge Slaps Bitcoin Fraudster with $1.9 Million in Penalties

Posted at 01:57h in Bitcoin News by

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bitcoin law

The United States Commodity Futures Trading Commission (CFTC) has successfully prosecuted a bitcoin fraudster in connection with his criminal bitcoin investment program, which he used to extract hundreds of thousands of dollars from his victims.

Announcing the successful case in a press release, the CFTC revealed that on July 9, 2018, Dillon Michael Dean of Longmont, CO, and The Entrepreneurs Headquarters Limited, his registered company, were ordered to pay more than $1.9 million in civil monetary penalties and restitution.

‘Misappropriated Funds’

According to the Order and Default Judgment delivered by Judge Sandra J. Feuerstein of the U.S. District Court for the Eastern District of New York, Dean and TEH dishonestly solicited bitcoin investments from the general public using false promises of fund pooling and investment in binary options.

After collecting funds from investors this way, Dean misappropriated their funds, converting them to personal use without the…

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