US CFTC Penalizes Bitcoin Pool Operator $3.4 Billion In Largest Civil Fraud Victory
South Africa-based Cornelius Johannes Steynberg was fined $3.4 billion for running an unregistered Bitcoin commodity pool operation, the CFTC announced in a Thursday statement.
and
Steynberg founded Mirror Trading International (MTI), a BTC pool operator that illegally accepted $1.7 billion from 23,000 U.S. citizens while operating out of SA.
but did he lose investors any money?
CFTC Slaps Record $3.4b Fine on Crypto Ponzi Scheme Operator
The CFTC order finds that Steynberg and his team organized an international scam multi-level marketing scheme that solicited bitcoin from US residents and public members for participation in the company’s fake crypto trading program.
OK, fair enough.
As we know, losing money is not, in itself, a crime - shit happens - but it is when it's fraud. But getting whacked with a penalty of some $1.3B must be for show, as prison is the more likely option.
Now, the CFTC has ordered Steynberg, currently detained in Brazil on an INTERPOL arrest warrant, to pay $1,733,838,372 in restitution to defrauded victims and a $1,733,838,372 civil monetary penalty.
ah..was $1.73B, not $1.3B. Still, not as if he's gonna have that!
all HYIPs.
I don't understand the suckers - do a minimal DD - can still go tits up, things do, but many ponzis are just games - learn to play.