简体中文
繁體中文
English
Pусский
日本語
ภาษาไทย
Tiếng Việt
Bahasa Indonesia
Español
हिन्दी
Filippiiniläinen
Français
Deutsch
Português
Türkçe
한국어
العربية
Abstract:The Commodity Futures Trading Commission (CFTC) has achieved a significant legal victory in a case against Sam Ikkurty, Jafia, LLC, Ikkurty Capital, LLC, and related entities. Judge Mary Rowland of the Illinois Northern District Court granted a summary judgment in favor of the CFTC, ruling on all counts of the complaint.
The Commodity Futures Trading Commission (CFTC) has achieved a significant legal victory in a case against Sam Ikkurty, Jafia, LLC, Ikkurty Capital, LLC, and related entities. Judge Mary Rowland of the Illinois Northern District Court granted a summary judgment in favor of the CFTC, ruling on all counts of the complaint.
The court order, announced today, mandates substantial financial repercussions for the defendants. Sam Ikkurty of Oregon, along with Jafia, LLC and Ikkurty Capital, LLC, operating under various names such as Rose City Income Fund I, Rose City Income Fund II, and Seneca Ventures, LLC, faces a combined restitution and disgorgement totaling more than $120.6 million. This includes over $83.7 million in restitution and $36.9 million in disgorgement, jointly and severally.
The judgment stems from allegations that the defendants orchestrated a Ponzi scheme, deceiving investors through false promises and misrepresentations. According to the CFTC, Ikkurty attracted participants through webinars and trade shows, enticing them with guarantees of a 15% annual income from investments in digital asset commodities like Bitcoin and Ethereum, as well as commodity interests.
Judge Rowland's order affirms that these representations were misleading, with Ikkurty failing to deliver any actual profits to investors. Instead, funds were allegedly misappropriated, including through a dubious carbon offset program where promised collateral was not obtained, resulting in significant financial losses for participants.
In addition to the financial penalties, the defendants were found to have violated the Commodity Exchange Act (CEA) and CFTC regulations, including operating as unregistered commodity pool operators. The court emphasized that digital assets like Bitcoin and Ethereum fall under the CFTC's regulatory purview, extending to other virtual currencies such as OHM and Klima.
The CFTC cautioned that while orders for restitution aim to recover lost funds for victims, the complex nature of Ponzi schemes often means that full recovery may not be possible if perpetrators lack sufficient assets.
The outcome underscores the CFTC's commitment to protecting investors and maintaining integrity in commodity markets, signaling a stern stance against fraudulent schemes within the digital asset sector.
Disclaimer:
The views in this article only represent the author's personal views, and do not constitute investment advice on this platform. This platform does not guarantee the accuracy, completeness and timeliness of the information in the article, and will not be liable for any loss caused by the use of or reliance on the information in the article.
Are you aware of the technical analysis tools that greatly determine the forex market’s direction? What do these tools do and why do avid traders eye these every day? If not, then start becoming aware of these tools that greatly dictate your forex earnings over time. Without any further ado, let’s start discussing these tools and their impacts.
The Reserve Bank of India (RBI) has added a fresh list of 13 unauthorised forex trading platforms, taking the overall number to 88. Read on to know the fresh list.
Did you know you can be made to pay a penalty worth up to INR 2 lakh by initiating forex trade through unauthorized brokers? Read this guide to know everything about it.
Think your broker is safe? Discover why AMarkets, an unregulated firm from a high-risk offshore haven, could be putting your money at risk.