The Commodity Futures Trading Commission (CFTC) filed a civil enforcement action against Defendants Dillon Michael Dean of Longmont, Colorado, and his company The Entrepreneurs Headquarters Limited, a UK-registered company.
The complaint alleges the defendants
"...engaged in a fraudulent scheme to solicit Bitcoin from members of the public claiming that customers’ funds would be pooled and invested in products including binary options, making Ponzi-style payments to commodity pool participants from other participants’ funds, misappropriating pool participants’ funds, and failed to register with the CFTC as a Commodity Pool Operator (CPO) and Associated Person of a CPO, as required..."
James McDonald said in a statement:
“Increased public interest in Bitcoin and other virtual currencies has provided new opportunities for bad actors. As alleged in the Complaint, Defendants sought to take advantage of that public interest, offering retail customers the chance to use Bitcoin to invest in binary options, when in reality they were only buying into a Ponzi scheme. As this case shows, the CFTC will continue to take swift action to stop such fraudulent schemes and to hold fraudsters accountable for their misconduct.”
Starting in April 2017 the unregistered defendants solicited over $1.1 million worth of Bitcoin from over 600 people through social media sch as Facebook and Youtube.
[error title="Editors Note" icon="exclamation-circle"]
Protip: If you're going to do something stupid. Make sure you do it very publicly via Facebook and Youtube. That way you get caught sooner and spend less time in jail for such stupidity since the crime won't have a chance to grow into much money.
[/error]
Protip: If you're going to do something stupid. Make sure you do it very publicly via Facebook and Youtube. That way you get caught sooner and spend less time in jail for such stupidity since the crime won't have a chance to grow into much money.
[/error]
They promised to convert the Bitcoin into fiat currency to invest on the customers’ behalf in a "pooled investment vehicle" for trading commodity interests, including trading binary options on an online exchange.
However, they misappropriated customer funds which included using the funds to pay other customers in a Ponzi-ish type scheme.
The CFTC seeks restitution to defrauded persons, disgorgement of ill-gotten gains, civil monetary penalties, permanent trading and registration bans, and a permanent injunction against further violations of the Commodity Exchange Act and CFTC Regulations, as charged.
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The CFTC seeks restitution to defrauded persons, disgorgement of ill-gotten gains, civil monetary penalties, permanent trading and registration bans, and a permanent injunction against further violations of the Commodity Exchange Act and CFTC Regulations, as charged.
[accordion] [item title="Author and Credits"] Article by dinbits
Image Credits: Banner Image by dinbits.com staff
[/item] [item title="Disclaimer"]The opinions expressed by authors of articles linked, referenced, or published on dinbits.com do not necessarily express, nor are endorsed by, the opinions the of dinbits.com or its affiliates. Please review the Terms of Use for more information.[/item] [/accordion]
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