U.S. Federal Court orders Bitcoin investment scammers to pay $400,000 for schemec


  • Judge Reed C. O’Connor of the U.S. District Court for the Northern District of Texas filed an Order and Default Judgment on a Bitcoin scam.
  • Two U.S. defendants scammed the innocent, they misrepresented themselves as traders and portfolio managers.

 

Two defendants in the United States have been ordered to pay $400,000 for conducting a fraudulent scheme to collate Bitcoin (BTC) from members of the public, as a Texas Federal Court has ordered, which was announced by the United States Commodity Futures Trading Commission (CFTC).

It was alleged that U.S. citizens Morgan Hunt and Kim Hecroft had been engaging in a fraudulent scheme to collate Bitcoin from the innocent public members to invest in trading products such as; binary options, diamonds and foreign currency contracts, according    to Judge Reed C. O’Connor of the U.S. District Court for the Northern District of Texas.

In terms of the order it claims that: the defendants had made false claims that they would use customer funds to invest in trading for the benefit of the customers. They went as far as misrepresenting their experience and track record as traders and portfolio managers, falsely told customers that they could not withdraw their purported investment profits without first paying a tax to the CFTC, and misappropriated customer funds.

Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility.

Cryptos feed

Latest Crypto News & Analysis

Editors’ Picks

Cryptocurrency market update: Bitcoin and major altcoins lethargic in tight ranges

The cryptocurrency market stays in the red zone after an unsuccessful recovery attempt on Saturday, July 20 followed by Sunday's sell-off. Bitcoin and all major altcoins are nursing losses with the notable exception of Cosmos, Tezos and Ethereum Classic.

More Cryptocurrencies News

Litecoin price analysis: LTC/USD stalled at $100.00

Litecoin has been sidelined for the recent four days, capped by SMA100, currently at $102.76. The fourth-largest digital asset with the current market capitalization of $6.2 billion has gained nearly 10% in recent seven days to become of of the best-performing coins out of top-10. 

More Litecoin News

Ethereum price analysis: ETH/USD bulls gather breath before another assault at $230

Ethereum, the second-largest cryptocurrency with the current market capitalization of $24.2 billion, settled above $225.00; however, the further recovery is limited. ETH/USD is moving in lockstep with Bitcoin (BTC) and the rest of the cryptocurrency market ...

More Ethereum News

EOS price analysis: EOS/USD bulls strengthen their grip

EOS is rising in value during the weekend European session. The upward correction is welcome following the recent dip to $3.30. The last couple of days have seen the buyers fight tooth and nail to come out of the bear range.

More EOS News

Bitcoin Weekly Forecast: bulls lick wounds after major sell-off

The cryptocurrency market has lived through a dreadful week as Bitcoin(BTC), and all major altcoins crashed below several important support levels. 

Read the weekly forecast

BTC

ETH

XRP