Court Enters $900K Judgment Against Crypto Ponzi Scammer on Behalf of CFTC
Venture Capital Investments Ltd. raised $534,829 from 72 victims, falsely promising to invest funds in bitcoin and other assets.
Nov 4, 2020 at 10:16 p.m. UTCUpdated Aug 19, 2021 at 5:29 a.m. UTC
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The U.S. District Court of Colorado entered a judgment on behalf of the Commodity Futures and Exchange Commission (CFTC) against a Ponzi scammer on claims he and his company raised half a million dollars for cryptocurrency investments, which instead went to personal uses, the CFTC announced Wednesday.
- Instead, $450,302 in funds went to personal uses, including the purchase of a BMW.
- The order requires VCI and Clark to pay $450,302 in restitution, a monetary penalty of $450,302 and the CFTC’s costs. Additionally, the defendants are now banned from registering with the CFTC and trading in any CFTC-regulated markets.
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