US court fines $209 million for Ponzi scheme disguised as crypto and carbon investment projects

Odaily Odaily News: The U.S. Commodity Futures Trading Commission (CFTC) reported on Tuesday that Judge Mary Rowland of the U.S. District Court for the Northern District of Illinois has ordered Oregon resident Sam Ikkurty and his multiple entities to pay a fine of $209.61 million. The entities involved include Jafia LLC, Ikkurty Capital LLC, Rose City Income Fund I LP, Rose City Income Fund II, and Seneca Ventures LLC. The court's decision was based on the fraudulent solicitation and misappropriation of funds discovered by the CFTC, which were described by the CFTC as Ponzi schemes disguised as cryptocurrency and carbon investment projects. The judgment requires Sam Ikkurty to pay $83.7 million in compensation to investors to offset $36.9 million in illegal gains confiscation, and he is also required to pay a civil penalty of $110.9 million. (News.bitcoin)