Another alleged crypto fraudster that profited heavily from the 2017 ICO bull mania is now facing the music, a whole 41 months after he was charged by the Commodity Futures Trading Commission (CFTC) on February 11, 2020.

Previous CFTC cases against financial fraudsters in crypto, such as CabbageTech, Mirror Trading International, or Empowercoin have taken far less time to resolve.

The CFTC today announced the judgment from the U.S. District Court for the Southern District of New York for a permanent injunction against former New York Stock Exchange (NYSE) broker Michael Ackerman, who operated Q3 Holdings.

The Ohio man is being banned from trading or registering in any CFTC-regulated markets. In addition, he is to pay $27 million in restitution to victims he defrauded, in addition to another $27 million as a civil monetary penalty for running a fraudulent digital asset trading scheme.

The 54-year-old first pleaded guilty to wire fraud in September 2021. As part of his plea agreement, Ackerman agreed to restitution of $30.6 million and forfeitures of his assets amounting at least $36 million.

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Author: Stacy Elliott

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