U.S government tracks down fraudulent crypto firms
Federal lawsuits were filed against ZM Quant Investment, CLS Global, and Gotbit Consulting.
The United States Securities and Exchange Commission (SEC) accused three individuals considered market makers in the cryptocurrency space, and associated parties, of fraud and market manipulation in civil actions filed in the District Court of Massachusetts.
The Justice Department and the Federal Bureau of Investigation (FBI) were also involved. On October 9, lawsuits were filed against ZM Quant Investment, CLS Global, and Gotbit Consulting. The SEC claims that nine persons were charged in all.
Fedor Kedrov, the marketing director of Otbit Consulting and cryptocurrency vendors, Saitama and Robo Inu is charged with using wash trading to manipulate the market. The practice of exchanging oneself appears in the form of increased market activity
The cryptocurrency venture was designed by Vy Pham, a Vietnamese native, with California residency. The accusations against her included unregistered securities offers, fraud in the offering or selling of securities, fraud in the securities sale, and market manipulation.
Four Pham associates filed separate lawsuits in response to similar allegations. Pham and two of her collaborators consented to separate settlements, meaning that some of the accusations against them might be settled out of court.
ZM Quant and the four individuals associated with Pham were also charged with another cryptocurrency asset, the SaitaRealty coin.
The Justice Department has named eighteen defendants in the combined indictments, one of which is MyTrade MM, a business purported to have supplied services to NexFundAI.
According to the Justice Department, charges have also been filed against entities who designed the VZZN and Lillian Finance coins. The creator of VZZN is connected to Saitama, even if the only connection the two currencies have to the larger investigation.
- Check out our free forex signals
- Follow the top economic events on FX Leaders economic calendar
- Trade better, discover more Forex Trading Strategies
- Open a FREE Trading Account
Related Articles
Comments
Sidebar rates
Related Posts
Save
Join 350 000+ traders receiving Free Trading Signals
Alerts
Rates
Calendar
Signals