CFTC orders Jacob Orvidas to pay over $2.5M for crypto fraud and failure to register | Crypto Craft

  • CFTC orders Jacob Orvidas to pay over $2.5M for crypto fraud and failure to register

    From fxnewsgroup.com

    The Commodity Futures Trading Commission (CFTC) issued an order today simultaneously filing and settling charges against Jacob Orvidas. The order finds Orvidas fraudulently solicited at least four people (pool participants) to trade leveraged bitcoin in a commodity pool, lost almost all funds trading, and then lied to pool participants about the losses and the availability of their money. The order also finds Orvidas failed to register as a commodity pool operator. From approximately October 2017 through at least July 2020, Orvidas fraudulently solicited at least four pool participants to trade leveraged bitcoin on ... (full story)

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Goat
Sep 8, 2023 6:42pm
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I'm noticing a pattern of enforcement: the crypto scammers who are going down have millionaire investors. I can't think of any enforcement where a scammer stole a few thousand dollars from a few thousand people, and we know that's happening all the time. Perhaps the regulators don't go after someone until a rich person and their lawyers make a stink? I'd have to look at it more but that's where I'm starting.
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