A Florida federal court has ordered Mosaic Exchange Ltd. and its CEO, Sean Michael, to pay over $1.1 million in penalties and restitution for running a fraudulent digital asset trading scheme. The court found them guilty of violating the Commodity Exchange Act by deceiving investors with false claims about the company's assets, trading performance, and partnerships. The penalties include restitution to defrauded customers, disgorgement of ill-gotten gains, and a civil penalty. The court also permanently enjoined them from engaging in similar conduct and banned them from trading in CFTC-regulated markets. This case is part of the CFTC's efforts to crack down on fraudulent activities in the cryptocurrency industry.



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