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CFTC Seeks $429M Penalty Against Ponzi Operator Who Ghosted Them

CFTC Seeks $429M Penalty Against Ponzi Operator Who Ghosted Them

Within the case of United Kingdom-based Management-Finance and its AWOL operator Benjamin Reynolds, the US Commodity Futures Buying and selling Fee requested the courtroom to order Reynolds pay practically half a billion {dollars} on Aug. 20.

In a authorized motion that started in June of final 12 months, the CFTC has been unsuccessful in its makes an attempt to find Reynolds. The fee alleges that Reynolds laundered 22,858 Bitcoin from Could to October of 2017 — by their estimates price $147 million on the time, however as of press time valued at $269 million.

The CFTC’s proposed judgment asks for $429 — practically 3 times their estimate of Reynolds’ BTC take:

“Defendant shall pay a civil financial penalty within the quantity of 4 hundred twenty 9 million {dollars} ($429,000,000) (“CMP Obligation”). If the CMP Obligation just isn’t paid instantly, then postjudgment curiosity shall accrue on the CMP Obligation starting on the date of entry of this Order.”

The proposed judgment could also be an effort to scare Reynolds out of hiding. The CFTC initially requested default judgment in opposition to him in April, admitting that that they had no luck monitoring him down.

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