The CFTC describes the Bitcoin fraud case as largest to date the agency.
A South African fugitive who ran an unregistered commodity pool to defraud unsuspecting victims of foreign exchange and bitcoin has been ordered to pay over $3 billion in restitution and civil monetary penalty.
The judgment marks the largest monetary penalty ever recorded in a CFTC fraud case involving bitcoin.A US judge in the District Court for the Western District of Texas ordered Cornelius Johannes Steynberg, a South African fugitive, to pay a penalty of $3.
As stated in the press release, Steynberg received 29,421 BTC from about 23,000 US individuals and more globally worth $1.7 billion in March 2021, with the CFTC stating that the CEO misappropriated the funds.The recent court order by Judge Lee Yeakel is based on a complaint filed against the South African CEO in July 2022. Steynberg is to pay a penalty of over $3.4 billion shared equally.
While $1.73 billion will be for restitution to defrauded victims, the other $1.73 billion will be paid as a civil monetary penalty, which the CFTC describes as the “highest civil monetary penalty ordered in any CFTC case,” adding “this action is also the largest fraudulent scheme involving Bitcoin charged in any CFTC case.
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