Bitget App
Trade smarter
Buy cryptoMarketsTradeFuturesCopyBotsEarn

Former NYSE Broker to Pay $54M to Settle CFTC Crypto Fraud Charges

CoindeskCoindesk2023/06/28 15:26
By:Sandali Handagama

Michael Ackerman pleaded guilty in 2021 to accusations that he defrauded some 150 investors for $33 million in a digital asset trading scheme.

(Jesse Hamilton/CoinDesk)

A former New York Stock Exchange (NYSE) broker has been ordered to pay $54 million in damages and penalties by a federal court for operating a fraudulent crypto trading scheme, according to a from the U.S. commodities watchdog.

The Commodity Futures Trading Commission (CFTC) said Ohio resident Michael Ackerman has been banned from trading in any markets supervised by the watchdog by a judge at the Southern District of New York court. Ackerman was charged in 2020 for with and raising $33 million by promising "extraordinary profits."

While Ackerman initially to running the scheme, in September 2021.

The closes the CFTC enforcement case against Ackerman, the regulator said in its announcement.

"It also requires him to pay $27 million in restitution to defrauded victims and a $27 million civil monetary penalty in connection with a fraudulent digital asset trading scheme," the notice said.

Edited by Sheldon Reback.


125

Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.

PoolX: Stake to earn
CEC, QTLX, GDV and other popular new coins are in hot progress!
Stake now!

You may also like

6 Reasons XRP Price Could Hit $1 This Summer (Opinion)

Many are wondering if XRP can reach $1 anytime soon. Well, here are a few reasons in support.

Cryptopotato2024/07/21 16:55