Bitcoin (BTC) Ponzi Scheme to Pay $2.5M in Penalties, Orders US Court

A US judge from a federal court in New York has ordered Nicholas Gelfman and his cryptocurrency hedge fund Gelfman Blueprint Inc. (GBI) to pay $2.5 million in civil penalties and restitution, Commodity Futures Trading Commission (CFTC) said on Thursday. Justice P. Kevin Castel accepted CFTC charges of fraud, misappropriation and the issuance of false Bitcoin investment reports to unsuspecting investors after a court battle that lasted more than a year.

The Commission’s Virtual Currency Task Force led the investigation against GBI and Gelfman.

“The CFTC cautions that orders requiring repayment of funds to victims may not result in the recovery of any money lost because the wrongdoers may not have sufficient funds or asset…

This article appeared first on Cryptovest

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