What is known about the amount and fraud
About 50% of the specified amount will be transferred as compensation to the victims. The fraudster was additionally banned from trading in all markets regulated by the CFTC. It is also impossible to register with the agency.
According to the documents, Michael Ackerman developed a fraudulent scheme. It was used for extortion and misappropriation of funds for false trading in cryptocurrencies. Over 150 users and legal entities sent approximately $33 million to the fraudster.
At the same time, the CFTC department noted that the fraudster used less than $ 10 million in trading. He misappropriated the remaining assets in order to personally use or prolong the fraudulent scheme.
The attacker deliberately lied that he was engaged in cryptocurrency trading. At the same time, his monthly income was allegedly 15%. In addition, he forged accounting reports, which allegedly contained fake trading results, as well as screenshots of funds that he managed. The defendant was found guilty. In addition to the fine, he received a 5-year suspended sentence. At the same time, he will be under house arrest for a year.
