It eventually resulted in the loss of nearly all customer funds.
WASHINGTON-A federal court ordered a NY trading firm to pay $2.5 million in fines and restitution for orchestrating a Ponzi scheme that defrauded at least 80 customers who thought they were investing in bitcoin. (GBI) and its CEO Nicholas Gelfman to pay over $2.5 million for operating a fraudulent Ponzi scheme, according to an official announcement published October 18. The matter is the first ever anti-fraud proceedings concerning Bitcoin taken up by the Commodity Futures Trading Commission (CFTC).
When the public suspected that the company must have had profit in the recent time, reports were drawn up but with a different conclusion.
With the rise in interest in cryptocurrencies has also come the rise of hedge funds that purportedly invest in those very same cryptocurrencies.
"This case marks yet another victory for the Commission in the virtual currency enforcement arena", said James McDonald, CFTC Director of Enforcement.
"As this string of cases shows, the CFTC is determined to identify bad actors in these virtual currency markets and hold them accountable".
It comes as no surprise to see the Financial Action Task Force in Paris declaring that it will be requiring member countries to license or regulate cryptocurrency exchanges, including providers of currency "wallets".
SteamVR Motion Smoothing Reduces Lag on Lower-End PCs
Unfortunately, the feature is now only available for HTC Vive owners, and not for Windows Mixed Reality or Oculus Rift headsets. If that happens, "look at the last two frames delivered, estimate the movement and animation, and extrapolate a new frame".
Ranked Halep withdraws from WTA Finals with back injury
Top seed Angelique Kerber will face Naomi Osaka, Sloane Stephens and Kiki Bertens in the round-robin phase of the WTA Finals . Simona was forced to retire against Ons Jabeur at the start of Beijing and she had to withdraw from Moscow as well this week.
All performance reports were false, according to the CFTC, and payouts to GBI customers consisted of other customers' misappropriated funds.
Although legal proceedings started past year, penalties were not finalized until three days ago.
The Orders find that from approximately 2014 through approximately January 2016, Defendants Gelfman and GBI, by and through its officers and agents and employees, operated a Bitcoin Ponzi scheme in which they fraudulently solicited more than $600,000 from at least 80 customers. The company needed only to persuade investors to invest in the fund. After a while, GBI announced a fake hack that they claimed to have caused the loss of all the investors' fund.
The GBI will have to pay more than $550,000 back to their customers, and the Nicholas Gelfman will pay $492,000 himself.
Apart from the monetary penalties, the court also banned permanently GBI and Gelfman from trading.
Yesterday's release concluded with a statement that, "The CFTC will continue to fight vigorously for the protection of customers and to ensure the wrongdoers are held accountable".
He had a lean patch in the Test series and pretty innocuous dismissals as well, so it's good to see him get a score on the board. That is something to learn for usWindies captain, Jason Holder said:Pleased with the guys for the batting effort.
The final round of the Valderrama Masters will be completed on Monday after the risk of thunderstorms curtailed Sunday's play. Shane Lowry and Gonzalo Fernandez-Castano are tied for third at four shots back.
Last year, the wind blew steadily for three of the four rounds, and can blow enough to affect balls on the greens. Piercy's downhill putt on the par-five ninth, his last hole, gave him his seventh birdie of a bogey-free round.
It represents a security's price that, if achieved, results in a trader recognizing the best possible outcome for his investment. Professional Street analysts that cover specific stocks may have deeper knowledge regarding the current health of the company.
Nuggets: Denver was without Isaiah Thomas (right hip surgery), Jarred Vanderbilt (right foot surgery) and Michael Porter Jr. Following the game, Marjanovic spoke to reporters on Thursday and was asked about the play in which he broke the rim.
ET/PT. " Black Monday is a scathing comic commentary on the excess of the '80s", President and CEO of Showtime Networks Inc. Black Monday is epxected to arrive in January 2019, until then enjoy the theatrical trailer down below.
He said the auto left the area and authorities were checking surveillance video to try to locate it and find those involved. Anyone with information on the shooting is urged to contact the Jacksonville Sheriff's Office.
Ayton, the No. 1 overall pick in the draft, made 8 of 11 shots for 18 points, grabbed 10 rebounds and had six assists. It wasn't until rookie Jalen Brunson of the Mavericks brought the game within 4 points 94-90.
However, the Los Angeles County district attorney's office is now reviewing dozens of cases for possible sex-crimes charges. According to attorneys that have filed state actions, the settlement applies only to the federal class-action cases.
China to launch 3 artificial moons in space by 2022
The artificial moon , essentially an illuminated satellite, will hover 500 km above Earth, much closer than the moon's 384 km. While the artificial-moon project sounds like science fiction, something similar has been attempted before.
Trailer for Katie Taylor documentary KATIE released
Will you be going to see KATIE in theaters? "I have trained hard for 10 rounds and I'm in great shape and excited for the fight". At the final press conference, Serrano didn't boast that she would beat Taylor but she did promise to take her the distance.
Eric Reid, Malcolm Jenkins get in confrontation
A strip-sack on Wentz by defensive end Wes Horton ended the Eagles' last-gasp effort and gave Carolina the dramatic victory. A few chunk plays allowed Newton to find tight end Greg Olsen for a 1-yard TD pass.
Postal strike could start Sunday at midnight
The union says they're committed to continuing delivery of pension and social assistance checks, as it has done in the past. However, on Saturday, the corporation refused a proposal to evaluate postal routes by the volume of mail, Gélineau said.
Anti-Brexit protest in London calls for second referendum
Organisers are hoping the protest, calling for a final say on the Brexit deal, will be the "biggest, loudest and most important". Britain is scheduled to leave the European Union on March 29, but negotiations have been plagued by disagreements.
1 heats up after Novak Djokovic's victory in Shanghai
I could serve maybe a little bit better, but still, I felt even if I was serving little bit better, he'd still return my serves. The German has so far picked up three titles this year to continue his contention for being the next top player in the sport.
China says top Macau official falls to death from building
A notice on the liaison office's website said Zheng was still working on Friday, when he met with representatives of a think tank. Beijing released a brief statement saying that Zheng Xiaosong had been suffering from depression, implying he had killed himself.