Former NYSE Broker to Pay $54M to Settle CFTC Crypto Fraud Charges

CoinDesk
CoinDesk

28 Jun 2023 3:26 PM

Michael Ackerman pleaded guilty in 2021 to accusations that he defrauded some 150 investors for $33 million in a digital asset trading scheme....

  • A former NYSE broker, Michael Ackerman, has been ordered to pay $54 million in damages and penalties for operating a fraudulent crypto trading scheme.
  • The Commodity Futures Trading Commission (CFTC) has banned Ackerman from trading in any markets supervised by the watchdog.
  • Ackerman was charged in 2020 for defrauding 150 investors and raising $33 million by promising extraordinary profits.
  • Initially pleading not guilty, Ackerman changed his plea in September 2021.
  • The final order, signed on June 13, requires Ackerman to pay $27 million in restitution to defrauded victims and a $27 million civil monetary penalty.

The article highlights a case of a former NYSE broker being ordered to pay significant damages and penalties for operating a fraudulent crypto trading scheme. The sentiment is negative, as it exposes fraudulent activities and the consequences faced by the individual involved.

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