Nicholas Gelfman must pay $ 2.5 million for scam
The owner of Gelfman Bluepint Inc was found guilty of fraud with Ponzi scheme, so he will have to restitute damages to his victims, in addition to cancel some penalties
The Futures Exchange Commission (CFTC) issued a judgment against Nicholas Gelfam, which is related to a fraud case with a Ponzi scheme.
This investigation came to light between 2014 and 2016, when through its company Gelfman Bluepint Inc., the resident of the city of New York obtained about 600 thousand dollars for scams to investors, to whom he promised high sums of money with a negotiation algorithm.
This strategy is summarized in payments of previous debts with new acquired, in this way the fraud would continue indefinitely.
After a long investigation, the CFTC ordered Gelfman to pay 2.5 million dollars in restitution for damages and legal sanctions.
The director of the compliance division of the CFTC, James McDonald, said that the agency always seeks to find the bad players in the cryptocurrency market.
“As shown in this case series, the CFTC is determined to identify the bad actors in these virtual currency markets and hold them accountable. I am grateful to the members of the Legal Compliance Commission on digital currencies for their tireless work in moments like this,” McDonald said.
In detail, the scammer must pay 555 thousand in payments to victims, and another 1.8 million dollars in different penalties imposed by the agency.
K. Tovar
Source: Coindesk
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