Ex-Trader Ackerman Ordered to Pay $54 Million Fine for Crypto Fraud

Crypto News
Crypto News

29 Jun 2023 8:03 PM

The former New York Stock Exchange broker Micahel Ackerman has been ordered to pay $54 million in penalties by a federal court for running a crypto fraud. Read on to learn more....

  • Former New York Stock Exchange broker Michael Ackerman has been ordered to pay $54 million in penalties by a federal court for running a crypto fraud.
  • Ackerman was charged in 2020 for defrauding nearly 150 investors and raising $33 million on false promises of high returns.
  • He initially pleaded not guilty but changed his plea in September 2021.
  • The Commodity Futures Trading Commission (CFTC) revealed that Ackerman is banned from trading in any markets supervised by the financial watchdog.
  • The final order requires Ackerman to pay $27 million in restitution to defrauded victims and a $27 million civil monetary penalty.
  • Ackerman scammed investors through his company Q3 Holdings, promising 15% monthly returns through proprietary trading algorithms.
  • False screenshots and accounting statements were presented to mislead investors about the fund's portfolio.
  • Ackerman used the illegally obtained money for personal gain, including luxury items and a $3 million Florida beach house.

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Who is Michael Ackerman and what has he been ordered to pay?What were the charges against Ackerman and how much money did he raise through fraud?What were the false promises made by Ackerman's company Q3 Holdings?How did Ackerman use the illegally obtained money?

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