Ackerman is required to compensate the victims of his fraudulent digital asset trading scheme with $27 million in restitution, in addition to a $27 million civil monetary penalty.
Ackerman is now subjected to a ban from participating in any trading activities within CFTC-regulated markets and is prohibited from registering with the CFTC. Alongside these restrictions, the judgment mandates Ackerman to provide $27 million in restitution to the victims who suffered from his fraudulent digital asset trading scheme.
Ackerman is accused of operating a fraudulent scheme that solicited funds from individuals and entities under false pretenses. However, instead of using the funds for their intended purpose, he is alleged to have misappropriated the majority of the funds for personal use or to perpetuate the fraudulent trading scheme.
The case, brought forward by the CFTC, traces back to February 11, 2020, when Ackerman was accused of orchestrating an elaborate scam that spanned from August 2017 to December 2019. The complaint alleged that Ackerman operated the scheme to solicit funds for trading digital commodity assets but instead misappropriated the funds.
Over 150 individuals and entities reportedly entrusted Ackerman with a total of at least $33 million. Shockingly, less than $10 million of the deposited funds were actually used for trading, while the remainder was fraudulently diverted for personal use or to prolong the deceptive operation.
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