Express
CFTC Asks Court To Order A $429 Million Penalty For Ponzi Scheme Operator
Summary: The United States Commodities and Futures Trading Committee has asked the court to order the operator of a United Kingdom based ponzi scheme, Control Finance, to pay a $429 million penalty, according to court documents. The CFTC has been looking for the operator of the scam, Benjamin Reynolds, since pursuing legal action against him in ...
The United States Commodities and Futures Trading Committee has asked the court to order the operator of a United Kingdom based ponzi scheme, Control Finance, to pay a $429 million penalty, according to court documents.
The CFTC has been looking for the operator of the scam, Benjamin Reynolds, since pursuing legal action against him in June of last year. The CFTC claims that Reynolds laundered 22,858 BTC, worth $147 million at the time, in 2017 but has so far been unable to locate him.
The proposed penalty is three times what Reynolds laundered and may be an attempt by the commission to urge him out of hiding.
By Emily Mason
Tags: CFTC,Crypto Scam,Ponzi Scheme
Link: CFTC Asks Court To Order A $429 Million Penalty For Ponzi Scheme Operator [Copy]
