A Utah man solicited investors in a $2 million bitcoin commodity pool scheme and made empty promises to investors through fake spreadsheets.
Jacob Orvidas, 28, settled with the agency on Friday and will pay $2 million back to investors and as well as a $500,000 monetary penalty and face a 10-year registration and trading ban.Connect/Create WalletNo wallet? No problem. You can set one up for free. We recommend Torus for first-time users.A Utah man solicited investors in a $2 million bitcoin commodity pool scheme,
Jacob Orvidas, 28, settled with the agency on Friday and will pay $2 million back to investors, as well as a $500,000 monetary penalty. He'll face a 10-year registration and trading ban, the CFTC said in aBeginning in 2017, Orvidas allegedly solicited four people to trade leveraged bitcoin in a commodity pool, telling them he'd deliver"Orvidas told one investor that another client"contributed $100,000 worth of bitcoin and cashed out at $2.7 million.
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