On Nov. 16, CFTC, Utah charged dealer with $170mn metals Ponzi. Gaylen Rust, Rust Rare Coin charged for obtaining $170mn from 200 investors. Charges brought with Utah Department of Commerce, Utah's Attorney General. Alleged Violations Jan.-Aug. 2018 fund received up to $42mn for a pool supposedly trading silver. Attempted to solicit new investors in this…
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CFTC $1mn Hedge Fund Ponzi
On Nov. 15, CFTC imposed $1mn settlement on hedge fund Ponzi. Charges against Kevin Whylie, Matthew Zecchini, hedge fund, Algointeractive. Alleged Violation Defendants charged with fraudulent solicitation and misappropriation of funds. Made false claims in solicitations, to current and prospective pool participants. Misrepresented experience and that all or most of participants’ funds would be invested…
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CFTC First Bitcoin Enforcement
On Oct. 18, 2018, CFTC said court ordered CEO and firm pay $2.5mn for the Ponzi. Gelfman was liable as controlling person for company, which was itself liable as the principal for the violation of Gelfman and company officers, agents, and employees. Gelfman and GBI to pay $554k and $492k to customers,1.8mn and $177k civil…
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SEC Nonko Trading Fraud Charge
On Sep. 5, SEC charged two with fraud in fake trading accounts. Jeffrey Goldman and Christopher Eikenberry of Michigan, in Nonko Trading fraud. Profited from a scheme to defraud Nonko’s customers out of at least $1.4 million. Charges include fraud, aiding, abetting Nonko’s fraud, and registration violations. Allegations Nonko was marketed as a state-of-the-art platform…
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SEC Shuts $102mn Ponzi Scheme
On Jun. 19, SEC shut-down $102mn a nationwide Ponzi scheme. Perry Santillo, Christopher Parris, Paul LaRocco, John Piccarreto, Thomas Brenner. Companies: First National Solution, United RL Capital Services, Percipience Global. Fund Raising Fraudulently raised more than $102mn, from 637 investors across US since 2011. Accused of cheating 600 investors using securities sales in issuers they…
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