Photo Credit: ShutterstockCFTC Wins Enforcement Action Against Alleged Virtual Currency Scammer
The decision by U.S. District Judge Jack Weinstein of the Eastern District of New York gave the U.S. Commodity Futures Trading Commission one of its first trial wins in its aggressive approach to crack down on virtual currency fraud.
August 24, 2018 at 01:56 PM
4 minute read
A federal judge has meted out a civil penalty to a Staten Island man accused of running a scam with a virtual currency.
The decision by U.S. District Judge Jack Weinstein of the Eastern District of New York gave the U.S. Commodity Futures Trading Commission one of its first trial wins in its aggressive approach to crack down on virtual currency fraud.
Weinstein found that, through a company called CabbageTech Corp., Patrick McDonnell ran a “bold and vicious” fraud by holding himself out as an investment adviser in virtual currencies, slapping him with a civil penalty of more than $871,000.
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