Bitcoin fund fined $2.5 million

22 Octobre, 2018, 01:41 | Auteur: Auguste Feret
  • Bitcoin Ponzi Scheme Founder Slapped with $2.5 Million Fine

On Thursday, a federal judge ruled in favor of the CFTC, ordering Gelfman and GBI to pay $2.5 million in penalties and restitution.

Between 2014 and early 2016, Gelfman Blueprint, Inc.

According to James McDonald, director of law enforcement at the US Commodity Futures Trading Commission, this case demonstrated another CFTC victory.

In July 2018, the CFTC claimed a Bitcoin pool operator has fraudulently solicited nearly $500,000 worth of Bitcoin from at least 127 individuals who expected to participate in a pooled investment vehicle for trading commodity interests.

"As this string of cases shows, the CFTC is determined to identify bad actors in these virtual currency markets and hold them accountable".

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Yesterday, the CFTC said "the Order for Final Judgment by Default (Default Order), and the Consent Order for Final Judgment (Consent Order) (collectively, the Orders), entered respectively on October 2, 2018 and October 16, 2018, by Judge P. Kevin Castel of the U.S. District Court for the Southern District of NY, resolve the charges of the CFTC Complaint against GBI and Gelfman filed on September 21, 2017". On top of that, Gelfman also carried out a fake hack that supposedly wiped out customer deposits and profits from the platform.

It comes as no surprise to see the Financial Action Task Force in Paris declaring that it will be requiring member countries to license or regulate cryptocurrency exchanges, including providers of currency "wallets". It was suspected to carry out an operation for a community fund pooling that was hosting a high-profile trading strategy through computer program named 'Jigsaw'.

Although legal proceedings started past year, penalties were not finalized until three days ago. (GBI), charging them with fraud, misappropriation, and issuing false account statements in connection with solicited investments in bitcoin. The company needed only to persuade investors to invest in the fund. In addition, Gelfman is accused of embezzling the remaining pooled monies after he "staged a fake computer hack created to hide trading losses and misappropriation", the court says.

The GBI will have to pay more than $550,000 back to their customers, and the Nicholas Gelfman will pay $492,000 himself. The court also imposed permanent trading and registration bans on GBI and Gelfman. The CFTC said it will continue to fight vigorously for the protection of customers and to ensure the wrongdoers are held accountable.

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