Cryptocurrency

United

USDC

Peter Kambolin, former CEO of investment firm Systematic Alpha Management LLC (SAM), has pleaded guilty to a “cherry-picking” fraud scheme. 
The “cherry-picking” scheme has been described as a form of securities fraud. In this scheme, brokers or traders monitor how their trades perform throughout the day, keeping the best-performing securities for themselves or investors of their choice. 
Kambolin, a 48-year-old US-Russian citizen, was accused of fraudulently appropriating profitable trades while causing losses to his investors. The scheme ran between January 2019 and November 2021. Kambolin misrepresented to clients that SAM implemented trading strategies focused on cryptocurrency futures contracts and currency futures contracts. 
Related News: <a href="https://en.bitcoinsistemi.com/unusually-large-amount-of-usdt-sold-and-usdc-bought-on-huobi-whats-the-reason/" target="_blank" rel="dofollow">Unusually Large Amount of USDT Sold and USDC Bought on Huobi: What's the Reason?</a> 
However, approximately half of Kambolin's transactions in each pool involved stock index futures contracts. This resulted in investors in the United States and abroad being defrauded and deprived of profitable transactions. 
Acting Assistant Attorney General Nicole M. Argentieri of the Department of Justice's Criminal Division said this case demonstrates the Department of Justice's commitment to prosecuting financial advisors who put their own interests ahead of their clients. 
Kambolin was convicted of conspiracy to commit commodities fraud and faces a maximum sentence of five years in prison. A sentencing date has not yet been set. 
*This is not investment advice. 
 Continue Reading: <a rel="nofollow" href="https://en.bitcoinsistemi.com/us-justice-department-charges-ex-ceo-over-cryptocurrency-fraud/">US Justice Department Charges Ex-CEO Over Cryptocurrency Fraud</a>

US Justice Department Charges Ex-CEO Over Cryptocurrency Fraud

Bitcoin Sistemi EN

Other articles published on Oct 12, 2023

Platypus Finance suffers its third hack in 2023, losses $2m

Bankruptcy judge approves $175 Million settlement between FTX and Genesis Global Trading

DeCurret Holdings Publishes Whitepaper for DCJPY Crypto Project

USDR Polygon-Based Real Estate-Backed Stablecoin Drops 40% in Minutes

Founders & Funders NY TechWeek: Unraveling AI & Web3 Synergies

Trezor releases new hardware wallet and metal private key backup

Join our free newsletter for daily crypto updates!