The post <a rel="nofollow" href="https://coinpedia.org/cryptocurrency-regulation/cftc-charged-former-ceo-of-voyager-digital-for-fraud-and-registration-failures/">CFTC Charged Former CEO of Voyager Digital for Fraud and Registration Failures!</a> appeared first on <a rel="nofollow" href="https://coinpedia.org">Coinpedia Fintech News</a> 
The <a href="https://www.cftc.gov/PressRoom/PressReleases/8805-23">Commodity Futures Trading Commission</a> today informed it filed a complaint in the U.S. District Court for the Southern District of New York against Stephen Ehrlich, the former chief executive officer of now-bankrupt entities Voyager Digital Ltd., Voyager Digital Holdings, Inc., and Voyager Digital, LLC. The complaint accuses Ehrlich of fraud and registration failures in connection with the Voyager digital asset platform and Voyager’s operation of an unregistered commodity pool. Ehrlich and Voyager falsely showed the Voyager platform as a “safe haven” to earn high-yield returns to induce customers to purchase and store digital asset commodities. 
Allegations Made by CFTC! 
CFTC claims Ehrlich did not register as an associated person of a CPO, despite soliciting members of the public to contribute to the Voyager Pool. Depending on the false promises related to the safety of Voyager’s operations and receipt of high-yield returns, customers often collectively stored more than $2 billion worth of digital asset commodities on the Voyager platform. However, instead of providing a “safe haven,” Ehrlich and Voyager transferred customer digital assets to risky counterparties, such as Firm A, to fuel the high-yield returns used to attract and retain customers. In June 2022, Voyager recalled its customer digital assets commodities from Firm A. Firm A defaulted and, as a result, Voyager experienced dire operational liquidity issues. However, Ehrlich continued to falsely assert publicly that customer assets were safe with Voyager. On July 5, 2022, Voyager filed for bankruptcy, owing its customers in the United States more than $1.7 billion.

CFTC Charged Former CEO of Voyager Digital for Fraud and Registration Failures!

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