CandleFocus CFTC Sues Over $3.6M Digital Asset Fraud Targeting Asian Americans
2024-09-29
Author: Content Editor
The U.S. Commodity Futures Trading Commission (CFTC) has taken legal action against a fake commodity trading platform and its associates for defrauding investors out of $3.6 million. The scheme targeted Asian Americans and involved soliciting funds in both fiat and digital assets, promising to trade in commodity futures. However, the funds were instead misappropriated and sent offshore. The CFTC is seeking restitution for defrauded customers, disgorgement of ill-gotten gains, civil monetary penalties, and trading bans, as well as a permanent injunction against further violations.
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