The U.S. Commodity Futures Trading Commission said it obtained a court order requiring a Louisiana man and an Arkansas woman to pay more than $31 million in a case tied to digital asset and precious metals fraud. The court ordered the defendants to pay about $15.8 million in restitution, along with an equal amount in civil monetary penalties. According to the CFTC, the two misled investors in digital asset and precious metals trading through false statements and misappropriation of funds. The order also permanently bars them from commodity trading and from committing further violations of the Commodity Exchange Act. The development was cited by the regulator in an update published by Techub.
The U.S. Commodity Futures Trading Commission, or CFTC, said it obtained a court order requiring a Louisiana man and an Arkansas woman to pay more than $31 million over conduct tied to digital asset and precious metals fraud.
Court order sets restitution and penalties
The court ordered the defendants to pay about $15.8 million in restitution and an equal amount in civil monetary penalties. Combined, the total exceeds $31 million.
What the CFTC alleged
According to the CFTC, the defendants deceived investors in digital asset and precious metals trading through false statements and misappropriation of funds.
Permanent trading ban
The order permanently bars the defendants from commodity trading and from further violations of the Commodity Exchange Act.
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