Evergrande chairman under the scope for possible offshore asset transfers LeapRate

October 02, 2023 BY Elizabeth Anderson

Evergrande chairman under the scope for possible offshore asset transfers

Reuters reports that Evergrande has sought creditors’ approval to reorganise its offshore debts. A probe into the main China unit, however, complicated this endeavour. The newsagent indicated how a group of offshore debtors planned to obtain a legal petition to liquidate the developer if it did not restructure its debt repayment plan. On Friday, 29th…

July 14, 2023 BY Steffy Bogdanova

Celsius founder Alex Mashinsky arrested for crypto fraud

Likewise, the Commodities Futures Trading Commission (CFTC) brought similar charges against the crypto lender and its founder. The CFTC asserted that Celsius and Mashinsky operated an extensive commodity pool scheme involving digital asset commodities. The derivatives regulator announced a settlement agreement with Celsius, which includes a court order permanently prohibiting the company from engaging in…

June 23, 2023 BY Steffy Bogdanova

CFTC charges commodity pool operator with misappropriating over $21 million

The US regulator stated that Ichioka does not contest these claims. The CFTC is seeking full restitution to defrauded victims, a civil monetary penalty, and permanent trading and registration bans. Director of Enforcement Ian McGinley, said: The CFTC is committed to aggressively pursuing individuals who defraud public investors in digital assets and retail foreign currency…

June 16, 2023 BY Steffy Bogdanova

Commodity pool operator to pay over $24 million in forex fraud CFTC case

In April of the previous year, the US regulator filed a lawsuit against Kay, and her companies AK Equity Group and Xapphire. The CFTC accused them of unlawfully enticing approximately 67 investors to contribute at least $15.7 million to partake in a commodity pool, ostensibly for forex trading. The US watchdog added that the defendants…

May 26, 2023 BY Steffy Bogdanova

CFTC issues a $4.7 million fine for fraud and registration violations

The Commission found that that with her actions, McDowell acted as a CTA but she was not registered as required by the Commodity Exchange Act (CEA). Additionally, McDowell also made material misrepresentations about her services and omitted significant facts about her use of client funds and the profits purportedly earned by her clients. The regulator…

May 19, 2023 BY Steffy Bogdanova

CySEC warns against impersonators of representatives

The regulator further outlined that such in scams usually fraudsters claim to be officers or representatives of CySEC or real or fake authorities. The scammers usually claim to be CySEC officers or representatives or other real or fake bodies. The scammers usually approach investors via email which contains the name, address, official stamp and logo…

April 28, 2023 BY Steffy Bogdanova

US court orders South African CEO to pay $3.4 billion for Forex fraud in a CFTC case

As per the regulator's statement, Steynberg, the CEO of Mirror Trading International Proprietary Limited (MTI) allegedly used Bitcoin (BTC) payment to lure investors into the commodity pool, as per the regulator's statement. Despite this, MTI, which was founded and headed by Steynberg, has failed to register itself as a commodity pool operator (CPO) and comply…

March 01, 2023 BY Steffy Bogdanova

CFTC and SEC file fraud charges against FTX co-owner Nishad Singh

According to the court filings, between May 2019 and November 2022, FTX’s customer assets were not separated from the company’s as represented to the customers. Furthermore, they were “routinely held by FTX’s sister digital asset trading company, Alameda” and misappropriated for “luxury real estate purchases, political contributions, and high-risk, liquid digital asset industry investments.” The…

February 23, 2023 BY Steffy Bogdanova

US court indicts founders of $340 million Forsage crypto Ponzi scheme

Assistant Director Luis Quesada of the FBI’s Criminal Investigative Division, said: While advancements in the virtual asset ecosystem bring new opportunities to investors, criminals are also finding new ways to orchestrate illicit schemes. The FBI remains committed to working alongside our domestic and international law enforcement partners to investigate and pursue subjects who orchestrate these…

February 22, 2023 BY Steffy Bogdanova

ASIC brings charges against third person involved in Courtenay House $180 million FX Ponzi scheme

The allegations against Sipina are related to Courtenay House's illegal activities, which took place between June 2015 and April 2017. The regulator called Courtenay House's operation, a Ponzi scheme. The court alleges that the group convinced at least 585 investors to invest more than $180 million based on false representations that their money would be…

Tag: fraud