Purported Crypto Fraudster Should Pay $100M, CFTC Says

Law360 (January 7, 2021, 11:11 PM EST) -- The U.S. Commodity Futures Trading Commission asked a Manhattan federal judge to enter a final judgment by default of more than $100 million against a purported cryptocurrency trader and his two companies in connection with allegations he talked more than 150 investors into handing over at least $33 million for trading, then embezzled more than $25 million of the funds.

In its motion on Thursday, the CFTC told U.S. District Judge Naomi Reice Buchwald that defendant Michael Ackerman and his companies Q3 Holdings LLC and Q3 I LP should have to pay restitution totaling $27 million and a civil money penalty...

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