The US District Court ordered the operator of the cryptocurrency pyramid Circle Society David Gilbert Saffron to pay $ 32 million in damages and fines.
Back in 2019, the US Commodity Futures Trading Commission (CFTC) accused Saffron of fraud. In 2017, he launched the Circle Society and attracted investors with false claims of high returns from trading in the cryptocurrency market and forex. The victims of the pyramid channeled funds to Saffron’s cryptocurrency wallet, and old investors were paid “profits” from new ones.
According to prosecutors, Saffron defrauded his clients for about $ 16 million in BTC and fiat currencies. Now he has to pay twice as much. Of these funds, $ 14,841,280 will go to pay restitution to victims of fraud, another $ 15,815,967 of the initial investment will return to investors, and the organizer must pay $ 1,484,128 as fines. However, the case dragged on as Saffron refused to hand over the private keys to his cryptocurrency wallets to law enforcement.
At the end of March, the organizer of the Control Finance fraudulent scheme was ordered to pay $ 572 million, of which $ 143 million will go to recover damages, and the remaining $ 429 million was imposed as a fine.
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