Hedge fund owner charged with $12 million bitcoin scam
- August 15, 2022
- 0
sued by Ohio District Court CFTC Regarding a local resident accused of orchestrating a pyramid scheme that caused more than $12 million in cash and bitcoin losses. According
sued by Ohio District Court CFTC Regarding a local resident accused of orchestrating a pyramid scheme that caused more than $12 million in cash and bitcoin losses.
According to the agency, through SR Private Equity LLC and NBD Eidetic Capital LLC, Ratnakishore has invited clients to invest in digital assets, promising extraordinary returns without the risk of financial loss.
To create the appearance of successful trading strategies, the defendant distributed newly received deposits among existing investors in hedge funds.
Geary invested most of the funds in chartering private jets and yachts, as well as buying a cottage, car and expensive clothing.
The CFTC accuses him of violating the Commodities Act, which prohibits information manipulation and the use of “fake plans.”
The regulator requires Geary to cease the operation of hedge funds under its management and deny any “direct or indirect” monetary advantage associated with the breach of the rules.
In August, with the CFTC SEC mandatory hedge funds c AUM Over $500 million to report cryptocurrency risks.
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Source: Fork Log
I’m Sandra Torres, a passionate journalist and content creator. My specialty lies in covering the latest gadgets, trends and tech news for Div Bracket. With over 5 years of experience as a professional writer, I have built up an impressive portfolio of published works that showcase my expertise in this field.
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