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SEC Charges Florida Digital Asset Day Trader With Defrauding Investors Of $6.8 Million
Summary: The SEC has charged a Florida crypto trader with stealing $6.8 million worth of funds from investors through his digital asset day trading shop, according to documents. The SEC outlined in their complaint against Thomas J. Gity that he made oversized statements about his shop to lure in investors. He misrepresented the risks of investment, his ...
The SEC has charged a Florida crypto trader with stealing $6.8 million worth of funds from investors through his digital asset day trading shop, according to documents.
The SEC outlined in their complaint against Thomas J. Gity that he made oversized statements about his shop to lure in investors. He misrepresented the risks of investment, his experience, his trading track record claiming that he had never ended a day in the red.
He told investors that their funds would be placed in pooled digital asset trading accounts which would generate weekly returns as high as 46.83% with no market risks. Less than $970,000 of the $6.8 million collected from at least 18 different investors was deposited in digital asset trading accounts. Gity instead used the funds for personal expenses and to re-distribute them among investors in a Ponzi-like scheme.
Gity was charged with multiple violations of securities law in U.S. District Court for the Southern District of Florida on Tuesday.
By Emily Mason
Tags: Crypto Fraud,Digital Asset Day Trading,Digital Assets,SEC
Link: SEC Charges Florida Digital Asset Day Trader With Defrauding Investors Of $6.8 Million [Copy]
