CFTC and SEC Charge Florida Man and Goliath Ventures in $400 Million Crypto Ponzi Scheme
The CFTC has filed new charges against a Florida man accused of running a $397 million crypto Ponzi scheme, according to The Block. The agency says he misappropriated $48 million of customer funds.
Separately, the SEC and CFTC have jointly sued Goliath Ventures over an alleged $400 million crypto Ponzi scheme, according to Cointelegraph. Regulators allege Goliath promised investors returns from crypto liquidity pools but instead paid earlier investors with money from new ones and used funds to finance its founder’s personal spending.
Both actions target the same scheme, with regulators alleging that customer money marketed as liquidity-pool investment was instead funneled into paying off existing investors and covering the founder’s luxury spending, according to Cointelegraph and The Block.
Sources: The Block, Cointelegraph
This article is for information only and is not financial advice.
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Story so far 2 updates
- flashCFTC charges Florida man with misappropriating $48 million in crypto Ponzi schemeupdate
- storyCFTC and SEC Charge Florida Man and Goliath Ventures in $400 Million Crypto Ponzi Schemeupdate
US Commodity Futures Trading Commission US Securities and Exchange Commission
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