UK Man Has To Pay $570 Million For Fraudulent BTC Trading Scheme

A UK man has to pay more than $570 million for running a fraudulent BTC trading scheme according to the reports by the CFTC as we read more in our latest crypto news today.

The UK man solicited at least 22,190.542 BTC valued at around $143 million at the time from about 1000 customers worldwide. The US District Court for the Southern District of New York entered into a judgment against the UK man for running a fraudulent scheme where he solicited BTC from members of the public and misappropriated that gathered BTC as the Commodity Futures and Trading Commission said in a press release.

According to the court order, Benjamin Reynolds from Manchester, England, was ordered to pay about $143 million in restitution to defrauded customers and another civil monetary penalty of $429 million as per the CFTC reports. Reynolds is enjoined from engaging in conduct that violates the Commodity Exchange Act and the CFTC regulations, trading in any regulated market as well as registering with the CFTC.

Between May 2017 and October 2017, Reynolds used a website, had social media accounts and emails which he used to solicit at least 22,190 BTC that were worth $143 million at that time from 1000 customers across the world, including 169 individuals that are living in the US according to the press release. Reynolds also falsely represented that his company traded customer BTC deposits in virtual currency markets by employing specialized virtual currency traders that generated guaranteed trading profits. The judgment is the result of the 2019 enforcement action that is brought by the CFTC.

Speaking of scams, we reported recently of Jay Mazini or Jebara Igbara which is his real name allegedly exploited his Instagram followers in a BTC scheme.
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People who fell victims to Mazini’s scam came forward with details of the scam and what happened. They say that Mazini posted on social media-Instagram, saying that he will purchase BTC at 5% above the market rate. Mazini is then alleged to have made fake documents confirming wire transfers in payment for the BTC he received. One victim described his experience and said that Mazini used screenshots of account balances to prove they were legitimate and even sent copies of his passport to win the users’ trust. He even offered to meet up with some of them.