Caught In The Act
Ohio Man Caught In $33 Million Crypto Fraud Scheme
The United States Securities and Exchange Commission has charged an Ohio man for $33 million crypto fraud. The man in question allegedly defrauded 150 investors in an elaborate crypto trading scheme.
The SEC’s complaint which was filed at the start of the wee in a Federal court, accuses Michael Ackerman of defrauding $33 million from investors in a cryptocurrency trading scheme. According to his complaints, his actions were in violation of anti-fraud provisions for Federal Securities law.
Ackerman had two other unnamed founding partners. They started their scheme in 2017 when they created a Q3 Trading Club. This was quickly followed by an investment partnership Q3 I LP as well as Q3 in the summer of 2018.
The team lured investors through a private Facebook group for Physician Dads.
The fraudsters gave a false impression that their trading account held $310 million in assets, whereas it couldn’t hold more than $6 million at a time.
The SEC accuses Ackerman of misleading investors with false claims as well as exaggerating the success of their cryptocurrency trading scheme.
Fraudulent Acts
Ackerman and his partners were able to get a couple of investors to buy into their claims. They generated more than $33 million, and promised to invest every penny in a cryptocurrency program that guarantees as much 50% profits on all accounts. However, they only converted a small fraction into cryptocurrency, and made way with the others.
For his crimes, the United States Securities and Exchange Commission seeks a permanent injunction against Ackerman and his partners.
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