Permainan judi slot online terbaik

slot hoki terpercaya

  • About
  • Contact
  • Privacy Policy
  • bitcoinBitcoin$22,858.00-1.69%
  • ethereumEthereum$1,570.57-1.03%
  • xrpXRP$0.400298-0.41%
  • bitcoin cashBitcoin Cash$132.990.47%
Cryptovibes.com - Daily Cryptocurrency and FX News
  • Home
  • News
  • Analysis
  • Crypto
    • Tamadoge
    • Crypto Presales
  • Autotrading
    • BitVestment
    • BitProfit
    • Bit Index AI
    • Metaverse Profit
    • Today Profit
    • Quantum Code
    • Bitcode Prime
    • Bitprime Gold
    • Bitcoin Motion
    • Bitcoin Smarter
    • Bitcoin Robot Guide
    • Bitcoin Future
    • Bitcoin Millionaire Pro
    • Bitcoin Pro
    • BitiCodes
    • Bitcoin Loophole
    • Bitcoin Up
    • Bitcoin Storm
    • Bitcoin SuperSplit
    • Bitcoin Supreme
    • TeslaCoin
    • Bitcoin System
    • Bitcoin Fortress
    • Immediate Edge
    • Bitcoin Profit
    • Bitcoin Trader
    • Bitcoin Bank
    • Bitcoin Union
    • BitQT
    • Bitcoin Prime
    • Profit Compass
    • Bitcoin Champion
    • Bitcoin Optimizer
    • NFT Profit
    • Bitcoin Decoder
    • PBN Invest
    • Quantum AI
    • Celebrities
      • Teeka Tiwari Investment plan
      • Kate Winslet Bitcoin
      • Holly Willoughby Bitcoin
      • Ant McPartlin Bitcoin
      • Nicole Kidman Bitcoin
      • James McAvoy Bitcoin
      • Jim Davidson Bitcoin
      • Peter Lim Bitcoin
      • Jonathan Ross Bitcoin
      • Bear Grylls Bitcoin
      • Phillip Schofield Bitcoin
      • Mike Hosking Bitcoin
      • Ryan Reynolds Bitcoin
      • Dick Smith Bitcoin
    • Broker Reviews
      • Herdos Review
      • FXTB Review
  • Disclaimer
  • PR
No Result
View All Result
Cryptovibes.com - Daily Cryptocurrency and FX News
No Result
View All Result

CFTC Charges Ohio Man For Operating A $12M Ponzi Scheme

John Wanguba by John Wanguba
August 13, 2022
in Regulation
Reading Time: 7min read
CFTC Charges Ohio Man For Operating A $12M Ponzi Scheme
Rate this post

One Ohio resident who ran a $12 million Ponzi scheme involving bitcoin has now been fined by the United States Commodities Futures and Trading Commission (CFTC). Based on the complaint filed by the CFTC at a district court in the state on August 11, the man executed the fraud to pay for his expensive lifestyle.

A Ponzi scheme is a fraudulent investment practice where initial investors are compensated with a lot of money derived from the later ones. The CFTC announced on August 12 that Rathnakishore Giri, of New Albany, Ohio, has posed a successful crypto trader.

He later convinced more than 150 would-be investors to give him $12 million in cash, and at least 10 Bitcoin worth nearly $240,000 currently.

CFTC takes Ohio man connected to Ponzi scheme to court

CFTC Charges Ohio Resident For Involvement In Ponzi Scheme

The complaint was filed in the Southern District of Ohio, targeting one Rathnakishore Giri and his two companies: NBD Eidetic Capital LLC and SR Private Equity LLC. The CFTC also wants Giri to compensate his investors for their losses.

Based on the CFTC Commissioner Kristin N. Johnson, Giri is accused of orchestrating and sustaining a fraud that majorly targeted investors interested in digital assets.

Under the guise that he owned a private equity investment fund with a major focus on investing in digital assets, Giri seized upon the modern fervor for digital asset investment chances and duped unknowing investors to contribute more than $12 million in cash and bitcoin to his investments with the promise of impressive returns without the risk of any financial loss.

Giri is accused of diverting investors’ money to his businesses, which include SR Private Equity, LLC and NBD Eidetic Capital, LLC. Based on the CTFC, Giri lied to clients by alleging he would re-invest their money in investment funds and offer returns. These funds were instead spent on expensive items by Giri, according to the CFTC.

CTFC added:

“The complaint also alleges in their solicitations to customers, the defendants omitted material facts, including the defendants misappropriated customer funds to pay profits to other customers in a manner akin to a Ponzi scheme and misappropriated customer funds to pay for Giri’s lavish lifestyle, which included yacht rentals, luxury vacations, and luxury shopping.”

That complaint also named Giri’s parents, Loka Pavani Giri and Giri Subramani, as relief defendants are having funds in which they had no legitimate interest. Based on the CTFC, crypto Ponzi schemes have been on a high in recent months.

The agency looks for compensation for defrauded consumers, civil penalties, and disgorgement of ill-gotten gains, permanent trading and registration bans, together with a permanent injunction against future violations of the CFTC and Commodity Exchange Act (CEA) rules.

CFTC said that he ran the Ponzi scheme to fund his lavish lifestyle.

CFTC Files Charges Collaborating With The SEC

This complaint was filed the day after the CFTC and the Securities and Exchange Commission (SEC) supported a plan to extend reporting needs for private and huge hedge funds to feature bitcoin holdings.

The rules and regulations are part of a collaborative effort by the nation’s regulators to enhance public awareness of the way private funds operate and what assets they handle. Based on the complaint, the CFTC alleges that Giri engaged in futures fraud by manipulating information and using ‘deceptive devices.’

ENFORCEMENT NEWS: CFTC Charges Ohio Man and His Companies with Fraudulently Solicitating Over $12 Million and Misappropriation in a Digital Asset Trading Scheme. https://t.co/FIGO3foLoq

— CFTC (@CFTC) August 12, 2022

Based on a statement by Johnson, Giri’s lavish lifestyle featured the use of yacht rentals, private jets, luxury cars, a luxurious vacation home, and expensive designer clothes. That way of life exhibited a complete lack of regard for the investors who had a lot of faith in him.

The CFTC is also continuing to investigate Giri and all his businesses. The commission has asked him to reimburse any gains or profits derived from the fraud and any money that is paid with regards to the misconduct, including commissions, fees, loans, salaries, revenues, and trading profits.

Johnson stated that the CFTC “rigorously surveys markets and enforces regulations,” but that the new financial products, like digital assets, can develop some new challenges. Kristin N. Johnson stated:

“This case illustrates these dangers, underscores the ever-present threats, and demonstrates that – no matter the asset class – effective enforcement and customer protections must be among our highest priorities.”

All market participants must be aware that this conduct will be subject to enforcement action according to the CFTCs mission. Recent interest in digital assets and crypto market firms advertising high yields or promising some quick riches but which hide deceptive schemes that arise from long-forbidden actions is majorly worrisome.

While cryptocurrency innovation has multiple advantages, the CFTC has advised clients to remain careful. Fraudsters who want to benefit from an unsuspecting public by taking advantage of popular interest in cutting-edge financial technology (fintech) will execute scams that separate investors from their money.

Like what you're reading? Subscribe to our top stories
Tags: BitcoinBTCCommodities Futures and Trading Commission (CFTC)Commodity Exchange Act (CEA)cryptoCrypto regulationFinancial technologyFintechGiriPonzi schemeRegulationScam

Related Posts

Bitcoin Price Drops Weekend Gains As Another CME ‘Gap’ Looms Below $20K
Analysis

Bitcoin Price Drops Weekend Gains As Another CME ‘Gap’ Looms Below $20K

January 30, 2023
Digital Asset Investment Products Record Largest Inflows Since July 2022 – Report
Analysis

Digital Asset Investment Products Record Largest Inflows Since July 2022 – Report

January 30, 2023
Bitcoin Bulls Are Gaining Strength, Is IT Time To Invest?
Analysis

Bitcoin Bulls Are Gaining Strength, Is It Time To Invest?

January 29, 2023
Facebook Twitter Instagram Telegram RSS Youtube

Newsletter

Like what you're reading? Subscribe to our top stories
situs qq online terpercaya
probola
Menyajikan live score bola terkini
www.jamberrynails.net
adtoken.com
Agen bola
judi online slot
daftar judi slot terbaru
situs BandarQQ Online
Situs judi online Terpercaya
poker online
judi bola
slot pragmatic
situs judi bola
situs judi bola
pragmatic play
judi bola
Situs Slot TOS885

Copyright © 2017-2019 Cryptovibes.com. Price data provided by our official partner CoinGecko.

No Result
View All Result
  • Home
  • News
  • Analysis
  • Crypto
    • Tamadoge
    • Crypto Presales
  • Autotrading
    • BitVestment
    • BitProfit
    • Bit Index AI
    • Metaverse Profit
    • Today Profit
    • Quantum Code
    • Bitcode Prime
    • Bitprime Gold
    • Bitcoin Motion
    • Bitcoin Smarter
    • Bitcoin Robot Guide
    • Bitcoin Future
    • Bitcoin Millionaire Pro
    • Bitcoin Pro
    • BitiCodes
    • Bitcoin Loophole
    • Bitcoin Up
    • Bitcoin Storm
    • Bitcoin SuperSplit
    • Bitcoin Supreme
    • TeslaCoin
    • Bitcoin System
    • Bitcoin Fortress
    • Immediate Edge
    • Bitcoin Profit
    • Bitcoin Trader
    • Bitcoin Bank
    • Bitcoin Union
    • BitQT
    • Bitcoin Prime
    • Profit Compass
    • Bitcoin Champion
    • Bitcoin Optimizer
    • NFT Profit
    • Bitcoin Decoder
    • PBN Invest
    • Quantum AI
    • Celebrities
      • Teeka Tiwari Investment plan
      • Kate Winslet Bitcoin
      • Holly Willoughby Bitcoin
      • Ant McPartlin Bitcoin
      • Nicole Kidman Bitcoin
      • James McAvoy Bitcoin
      • Jim Davidson Bitcoin
      • Peter Lim Bitcoin
      • Jonathan Ross Bitcoin
      • Bear Grylls Bitcoin
      • Phillip Schofield Bitcoin
      • Mike Hosking Bitcoin
      • Ryan Reynolds Bitcoin
      • Dick Smith Bitcoin
    • Broker Reviews
      • Herdos Review
      • FXTB Review
  • Disclaimer
  • PR

Copyright © 2017-2019 Cryptovibes.com. Price data provided by our official partner CoinGecko.

Situs sbobet resmi terpercaya. Daftar situs slot online gacor resmi terbaik. Agen situs judi bola resmi terpercaya. Situs idn poker online resmi. Agen situs idn poker online resmi terpercaya. Situs idn poker terpercaya.

situs idn poker terbesar di Indonesia.

List website idn poker terbaik.
This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy and Cookie Policy.