Federal investigators found Banana Fund had been siphoning off investor funds to finance the administrator’s digital currency speculation.
27 individuals who played a major role and 82 key members of the PlusToken Ponzi Scheme have been arrested, bringing the pyramid scheme with allegedly 3,000 levels to an end.
Dominic Lacroix, Sabrina Paradis-Royer and Yan Ouellet are charged with securities fraud, wire fraud and conspiracy to commit money laundering.
The CFTC plans to move for a default judgment after securing a Certificate of Default against Reynolds, and a Notice of Voluntary Dismissal.
The regulator said the illegal investment schemes were promising unfeasibly high rates of return to investors willing to stump up their capital.
The plaintiff Donald Berdeaux missed two consecutive deadlines for reporting to the court, risking the $4 billion lawsuit being thrown out.
The unauthorized scheme is likely a form of pyramid scheme with promises of significant returns on investment in a matter of days.
The New York Southern District Court has approved a motion submitted by the U.S. government to adjourn sentencing for Konstantin Ignatov.
The digital currency software solution has been identified by several countries as a Ponzi scheme, but is still operating
Two men being detained in connection with an alleged $722 million BitClub digital currency fraud have asked to be released from prison.