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Circle Society Served Civil Enforcement Action For Cryptocurrency Based Ponzi-Like Scam
Summary: The Nevada-based Circle Society has received a civil enforcement action from the United States Commodity Futures Trading Commission (CFTC) for a Ponzi-like scam, according to an announcement from the CFTC. Circle Society and owner David Gilbert has been charged with fraudulent solicitation, misappropriation and registration violations relating to an $11 million binary options scheme. The ...
The Nevada-based Circle Society has received a civil enforcement action from the United States Commodity Futures Trading Commission (CFTC) for a Ponzi-like scam, according to an announcement from the CFTC.
Circle Society and owner David Gilbert has been charged with fraudulent solicitation, misappropriation and registration violations relating to an $11 million binary options scheme. The Circle Society allegedly tricked at least 14 people in investing either Bitcoin or U.S. dollars into a pool run by the circle society under the pretenses that they would see 300% returns. The scam much like a Ponzi scheme just moved money around from old participants to new participants without any of them actually making any real money.
By Ramsey Baker
Tags: Bitcoin,Cryptocurrency,Ponzi Schemes,Scam
Link: Circle Society Served Civil Enforcement Action For Cryptocurrency Based Ponzi-Like Scam [Copy]
