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United States Court Orders Michael Ackerman Operator of Digital Asset Trading Scam to Pay 54 Million Dollars

Published:

On Thursday, June 28, the CFTC (Commodities Futures Trading Commission) released the statement that a default.

This judgment granted a permanent injunction issued against Michael Ackerman who was the operator of the previous fraudulent digital asset trading scam.

As per the statement made by the Commodities Futures Trading Commission, a United States Judge, Naomi Reice Buchwald of the District Court granted the injunction that bars the perpetrator of the trading scam from trading on markets that are regulated or registered with the CFTC.

According to the statement, previously in February last year, Ackerman received a sentencing of 5 years of probation as well as 1-year house arrest.

In addition, he will be expected to remit the sum of $27 million as payback to the defrauded victims.

Ackerman was also struck with another civil monetary penalty for perpetrating the fraudulent scam for $27 million.

More Details of the Story

As per the statements made by the Commodities Futures Trading Commission, Michael Ackerman lied to his victims regarding the monthly returns he was generating through a scam trading scheme.

For him to hide the fraudulent scheme, Ackerman reportedly offered false accounting statements, fictitious screenshots of the value of money under his control, and newsletters containing fake trading returns.

That is why, the CFTC is using this medium to alert those who have fallen victim to fraudulent digital assets scams that an injunction order may not necessarily result in the recovery of their stolen funds.

The reason is that the scammers may not have adequate funds or assets to return to their victims

READ ALSO:UK Law Commission Contemplates Amendments to Crypto Assets Property L

Why was Ackerman Targeted So much?

According to the statement made by the CFTC, the strict measure meted out on Ackerman was due to the  supposed part he played in conducting a fraudulent scheme that “promotes and embezzled funds to allegedly trade in digital commodity assets.”

Even though Ackerman was able to effectively siphon an estimated $33 million from almost 150 entities and individuals, he only traded with $10 million.

Reports from the CFTC show that Ackerman is believed to use the remaining funds for his “personal use or to expand his scam trading venture.”

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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