$44M Ponzi scheme charged with stealing $18M in funds

$44M Ponzi scheme charged with stealing $18M in funds
HeadlinesNews$44M Ponzi scheme charged with stealing $18M in funds

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$44M Ponzi scheme charged with stealing $18M in funds

CryptoSlate2 months ago
Published on May 21, 2022 23:00 GMT+00:00edited on May 23, 2022 19:39 GMT+00:00

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Two individuals and a company have been charged with operating an illegal community pool and fraudulently soliciting $44 million via an “income fund investing in digital assets.”

The defendants are Sam Ikkurty, Ravishankar Avadhanam, and Jafia LLC, with a status hearing scheduled for May 25, 2022.

The three funds in question are Rose City Income Fund, Rose City Income Fund II LP, and Seneca Ventures LLC, with all assets being frozen by order of the District Court on May 11, 2022. According to information released by the CFTC,

“the CFTC seeks restitution to defrauded investors, disgorgement of ill-gotten gains, civil monetary penalties, permanent trading and registration bans, and a permanent injunction against further violations of the Commodity Exchange Act (CEA) and …