Texas Federal Court Orders Bitcoin Scammers to Pay $360K
The order specifically alleged that the suspects “falsely claimed that they would use customer funds to invest in trading for the benefit of the customers, misrepresented their experience and track record as traders and portfolio managers, falsely told customers that they could not withdraw their purported investment profits without first paying a tax to the CFTC, and misappropriated customer funds.”
According to the press release, the defendants may not be able to repay victims due to the lack of funds, however, the court has demanded that Hecroft and Hunt pay a compensation fee and they are to pay a $180,000 civil monetary penalty each.
In addition, they are permanently prohibited from trading or registering any crypto-related business.
Meanwhile, the CFTC recently filed a complaint with the New York Southern District Court against the UK-based Control-Finance Ltd, which allegedly scammed over 1,000 investors to launder about 22,858 BTC but has now gone out of business.According to a recent report from Chainalysis, the amount of Bitcoin spent on illegal transactions in 2019 could hit a record high of $1 billion.
source: https://coindoo.com/texas-federal-court-orders-bitcoin-scammers-to-pay-360k/
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