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Court Enters $900K Judgment Against Crypto Ponzi Scammer on Behalf of CFTC
Venture Capital Investments Ltd. raised $534,829 from 72 victims, falsely promising to invest funds in bitcoin and other assets.
Updated Sep 14, 2021, 10:27 a.m. Published Nov 4, 2020, 10:16 p.m.
The U.S. District Court of Colorado entered a judgment on behalf of the Commodity Futures and Exchange Commission (CFTC) against a Ponzi scammer on claims he and his company raised half a million dollars for cryptocurrency investments, which instead went to personal uses, the CFTC announced Wednesday.
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- Breonna Clark, otherwise known as Eliot Clark or Alexander Pak, and his firms, Venture Capital Investments Ltd. (VCI) and The Life Group, were charged with raising $534,829 from 72 victims, promising to invest funds in bitcoin, altcoins and foreign currency contracts.
- Instead, $450,302 in funds went to personal uses, including the purchase of a BMW.
- The order requires VCI and Clark to pay $450,302 in restitution, a monetary penalty of $450,302 and the CFTC’s costs. Additionally, the defendants are now banned from registering with the CFTC and trading in any CFTC-regulated markets.
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Read more: CFTC Sues Alleged Crypto Ponzi Scammer for $500K Theft
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Fintech and Crypto Firms Seek Bank Charters Under Trump Administration: Reuters
Financial technology and crypto firms are increasingly applying for state or national bank charters, despite the community’s historical resistance to centralized banking.
Що варто знати:
- Fintech and crypto firms are increasingly applying for bank charters, anticipating a more favorable regulatory landscape.
- Becoming a bank allows firms to accept deposits and lower borrowing costs but brings stricter oversight.
- Regulatory bodies have historically approved few new bank charters, though recent signals suggest a more streamlined process.
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