- CFTC sues Ohio man suspected of running Ponzi scheme
- Scammer defrauded customers of $12 million using false promises to increase capital
- Bitcoins and investors’ money were spent on supercars, yachts and planes
Apparently, 2022 does not leave attempts to break the record for the number of fraudulent schemes in the digital asset industry. On Thursday, August 11, the CFTC filed charges against an Ohio Ponzi scheme mastermind. The criminal lured clients with “fables” about highly profitable investments in cryptocurrency.
According to court documents, the U.S. Commodity Futures Trading Commission (CFTC) suspects Ratnakishore Giri of creating a Bitcoin pyramid scheme. He is the founder of SR Private Equity and NBD Eidetic Capital, investment funds with a focus on digital assets.
The fraudster promised clients exceptional profits and risk-free investments in Bitcoin. In fact, investor money was tritely “descended” to a beautiful life. Giri rented yachts, planes, bought expensive supercars, and even acquired an elite mansion.
“This case illustrates the dangers, highlights the ever-present threats, and demonstrates that – regardless of asset class – effective enforcement and customer protection must be one of our top priorities.”— said representatives of the CFTC.
The Commission notes that the losses amounted to a total of $12 million. The regulator demands an immediate ban on any activity of Ratnakishore Giri companies. In addition, the fraudster must forego monetary benefits directly or indirectly associated with illicit enrichment.
Recall that earlier we wrote that the US Senate introduced a bill on the regulation of cryptocurrencies. As part of this document, the authorities propose to transfer oversight of digital assets to the CFTC.
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