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CFTC wins $1.1 million crypto fraud case against Mosaic Exchange
The Commodity Futures Trading Commission has announced that Mosaic Exchange Ltd. and its CEO, Sean Michael, must pay over $1.1 million in financial penalties following the ruling of the U.S. District Court for the Southern District of Florida. The court ruling responds to CFTC charges of a fraudulent digital asset commodity scheme. Penalties include restitution, disgorgement, and a civil monetary fine. Mosaic Exchange was accused of misleading 18 investors in the United States and other countries, falsely claiming to have tens of millions of dollars in assets under management, consistent monthly profits, and a ... (full story)