CFTC, Florida Cos. Strike $1.8M Deal Over Digital Asset Fraud

By Emilie Ruscoe (April 8, 2022, 7:34 PM EDT) -- A Florida man and his two companies will give the U.S. Commodity Futures Trading Commission $1.8 million to end claims they misleadingly offered a digital asset by promising purchasers it would give them access to a foreign currency trading algorithm that never received a necessary approval.

The CFTC said Alan Friedland, Fintech Investment Group Inc. and Compcoin LLC agreed to settle the regulator's claims four days into a jury trial as the CFTC laid out its case against them.

The three defendants will pay $1.2 million in restitution and a $600,000 fine as part of the settlement agreement; they are also...

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