Crypto Traders Defraud Investors Over $35m
Three alleged crypto traders ran a Ponzi scheme, which defrauded investors of more than $35 million. The victims of the scam were more than 100 in numbers. The victims filed a lawsuit in a federal court of Florida, United States.
In an announcement published last month, Q3 Investment Recovery Vehicle, the firm representing the victims, accused the three crypto traders of defrauding victims by promising them an actual trading formula.
Ex NYSE And Wells Fargo Workers Part Of The Team
The federal securities fraud case has named three individuals as the mastermind behind the scam. They are Michael Ackerman, an ex NYSE institutional broker, James Seijas, an ex-advisor for Wells Fargo, Quan Tran, a surgeon. The three combined have defrauded over $35 million from 100 investors.
According to the Q3 Recovery Vehicle, “the founders claimed, fraudulently, that the investments would be used to trade cryptocurrency using a proprietary and wildly successful algorithm developed by Ackerman.”
No Substantial Trades
The complaints showed that less than $5 million of the total sum collected was used for trading. Meanwhile, the defendants siphoned more than $25 million for personal use. The recovery vehicle claimed that all funds were collected from August 2017 to December 2019,
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