CFTC accuses sham trading platform of defrauding investors to the tune of $3.6 million
On September 29, the U.S. Commodity Futures Trading Commission (CFTC) has filed a legal action against a sham trading platform and its related parties for allegedly defrauding investors to the tune of $3.6 million. The scam, which primarily targeted Asian-Americans, involved raising funds in fiat currencies and digital assets with false promises to trade commodity futures, but the actual funds were misappropriated and transferred overseas. The CFTC filed a civil case against Aipu Ltd. and several other defendants, alleging that they fraudulently solicited funds from at least 32 customers. The regulator said it will seek restitution, disgorgement of ill-gotten gains, levy civil penalties, and impose a permanent injunction against further violations.
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