On September 8, the Commodity Futures Trading Commission (CFTC) issued a severe penalty against Jacob Orvidas for running a fraudulent Bitcoin trading pool.

An order charged Orvidas with falsely promising huge profits to solicit over $2 million from at least four investors.

Bitcoin Pool Operator Said Crypto Trading Was “Like Printing Money”

According to the CFTC, Orvidas misrepresented his trading abilities and claimed the funds would be protected. However, he lost nearly all the money trading Bitcoin (BTC).

The CFTC claims Orvidas covered up losses with fake account statements before lying about why he couldn’t pay out earnings or return investments.

Hence, the order requires Orvidas to pay back over $2 million in restitution along with a record $500,000 civil penalty for violating commodity trading laws. He is also banned from registering or trading commodities for ten years and must cease all fraudulent activities.

“Protecting ordinary people has always been at the heart of the CFTC’s digital-asset enforcement program,” said Director of Enforcement Ian McGinley in a statement.

“While digital-asset cases are often complex, this Bitcoin case is a straight-up fraud: simple and old as time. We will continue to deploy every weapon in our arsenal to fight fraud in all our markets.”

According to the findings, from about October 2017 to July 2020, Orvidas

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Author: Josh Adams

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