• The U.S. Commodity Futures Trading Commission (CFTC) has filed a civil enforcement action against five individuals, accusing them of running a fraudulent digital asset trading scheme.
• The defendants allegedly promised “daily returns” of between 0.9% to 2.8% and claimed they would double the customers’ investments within four to eight months.
• The CFTC is seeking restitution, disgorgement, civil monetary penalties, registration bans and permanent trading, and a permanent injunction against further violations of the Commodity Exchange Act and CFTC regulations.
CFTC Charges 5 In Fraudulent Digital Asset Trading Scheme
The U.S. Commodity Futures Trading Commission (CFTC) has filed a civil enforcement action against five individuals for operating a fraudulent digital asset trading scheme. David Carmona, Juan Arellano Parra, Moses Valdez, David Brend, and Marco A. Ruiz Ochoa are all associated with Icomtech – the business in question – which had been targeting Spanish-speaking communities throughout the US and abroad by promising “daily returns” of between 0.9% to 2.8%, as well as doubling their investments over a period of four to eight months; an offer which was too good to be true for many victims who ended up losing all their money as a result of misappropriation from these defendants‘ criminal activities according to the CFTC’s complaint..
The Indictment From US Attorney’s Office
In October 2022, the U.S Attorney’s office for the Southern District of New York unsealed an indictment charging these same individuals with wire fraud in connection with their Icomtech scheme – an additional step taken by authorities in order to bring justice for those affected by this crime spree across multiple countries..
Repercussions Of The Case
Given that this case involves numerous victims both domestically and abroad due to its international nature; it is only right that whoever is responsible should be held accountable regardless of boundaries or borders.. This is why the CFTC seeks restitution, disgorgement, civil monetary penalties, registration bans along with permanent trading bans as part of their efforts in preventing any further violations from occuring while ensuring justice is served for those who have already been wronged through this ordeal..
Encouragement For Reporting Suspicious Activity
The division of enforcement at CFTC encourages customers or any other individual who may have knowledge regarding similar fraudulent schemes related to commodity trading laws such as this one reported here; should promptly inform authorities so they can take proper steps towards investigating such crimes in order to protect others from becoming victims themselves..
In conclusion; it is important that we remain vigilant when it comes to recognizing potential scams or suspicious activity that may involve breaches or violations related to commodity trading laws – no matter how small or insignificant they may seem on first glance – because without proper information these perpetrators can continue taking advantage of innocent people while escaping punishment each time they do so…