2 Told To Pay $400K In CFTC's Bitcoin Solicitation Fraud Suit

Law360 (July 10, 2019, 8:49 PM EDT) -- Two people accused of fraudulently soliciting Bitcoin from investors were ordered to pay nearly $400,000 each in penalties and restitution in a suit brought by the Commodity Futures Trading Commission in Texas federal court, the agency announced Wednesday.

Individuals using the names Morgan Hunt and Kim Hecroft convinced investors to fork over Bitcoin with promises to invest it in foreign currency contracts, binary options and diamonds between January 2017 and September 2018, but actually duped them out of tens of thousands of dollars, the CFTC said.

The two used Facebook and email to lure their clients, lied about having experience as...

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Texas Northern

Nature of Suit

Other Statutes: Securities/Commodities/Exchange

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Date Filed

September 28, 2018

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