Fun

News Feed - 2023-10-13 10:10:57

Tom Mitchelhill8 hours agoCrypto trader pleads guilty to ‘cherry picking’ futures schemeThe former CEO of Systematic Alpha Management faces up to five years in prison for his role in a fraudulent scheme tied to crypto futures contracts.1045 Total views27 Total sharesListen to article 0:00NewsJoin us on social networksThe former CEO of a Miami-based investment firm has pleaded guilty to a conspiracy to commit commodities fraud involving crypto futures contracts and now faces up to five years in prison.


In an Oct. 12 statement, the United States Department of Justice said that Peter Kambolin, former CEO of Systematic Alpha Management, operated a “cherry picking” scheme where he marketed his firm as offering algorithmic trading strategies involving futures contracts, including both cryptocurrencies and commodities.


However, Kambolin misrepresented to investors that his fund involved the trading of cryptocurrency futures and foreign exchange futures, when in reality, roughly half of Kambolin’s trading in each pool involved equity index futures contracts.CEO Pleads Guilty to Transnational Scheme Involving Foreign Exchange and Cryptocurrency Futures Contractshttps://t.co/aiafUgfRS3— Criminal Division (@DOJCrimDiv) October 12, 2023


“In doing so, Kambolin defrauded investors located in the United States and abroad by, among other things, depriving them of profitable trades,” wrote the prosecutors.


Cherry picking is a fraudulent securities trading practice in which a person executes trades without assigning those trades to a particular trading account until the individual determines whether or not the trade has become profitable or suffered losses.


According to the DOJ, Kambolin defrauded investors both in the United States and abroad by depriving them of profitable trades and then using the proceeds to fund his own personal expenses, including the rent for a beachfront apartment.


Related:Binance users in Hong Kong lose $450K in wave of fraud texts: HK police


The proceeds of his scheme were transferred to foreign bank accounts controlled by a co-conspirator in Belarus and Dominica.


“Yesterday’s plea recognizes the importance of holding the defendant accountable for his actions in misleading and defrauding investors through a cherry-picking scheme, and using proceeds from the scheme to fund his own personal lifestyle,” said Assistant Inspector General for Investigations Shimon Richmond.


Following his guilty plea, Kambolin now faces a maximum penalty of five years in prison. His sentencing hearing will occur on an undisclosed date in the future.


Collect this article as an NFTto preserve this moment in history and show your support for independent journalism in the crypto space.


Magazine:Blockchain detectives — Mt. Gox collapse saw birth of Chainalysis# Cryptocurrencies# Law# Business# Court# Futures# RegulationAdd reactionAdd reactionRead moreWhat are NFT royalties, and how do they work?The economy is surging — which means it might be time to start buying BitcoinNFTs aren’t dead — they’re just resting

News Feed

China’s Congress Passes Cryptography Law, Effective Jan. 1, 2020
The Standing Committee of the 13th National People’s Congress in China passed a cryptography law on Saturday that will be effective on January 1, 2020, according to a Chinese media report.
Optimism reaches ‘Stage 1’ decentralization, implementing fault proofs
Christopher Roark4 hours agoOptimism reaches ‘Stage 1’ decentralization, implementing fault proofsThe team has implemented fault proofs on Optimism mainnet, and users can now independently initiate withdrawals “wit
Rakesh Upadhyay6 hours agoPrice analysis 9/27: BTC, ETH, BNB, XRP, ADA, DOGE, SOL, TON, DOT, MATICBitcoin, and even some altcoins are holding steady even as the US dollar index steamrolls to a near 1-year high.1048 Total
Biggest Movers: SHIB 20% Higher, as DOGE Hits 5-Month High
Biggest Movers: SHIB 20% Higher, as DOGE Hits 5-Month High Meme coins were trading significantly higher on Saturday, as both shiba inu and dogecoin rose by over 20%. Shiba inu rall
Derek Andersen5 hours agoPayPal applies for NFT marketplace patent for on- or off-chain asset tradingPayPal’s proposed NFT purchase and transfer system would handle fractionalization, DAOs and royalties through a third
Ethereum Upside Target Around $2,800 As Price Tests Key Resistance
Este artículo también está disponible en español. Ethereum is testing a key resistance level around $2,640, and many analysts believe that breaking this point could trigg
Do users really care about decentralization? Industry figures clash
Josh O"Sullivan14 hours agoDo users really care about decentralization? Industry figures clashEthereum’s Dankrad Feist and Helius Labs CEO Mert Mumtaz clash on X over the importance of decentralization, revealing diffe
Harvard Economics Professor: Governments Will Not Allow Bitcoin on a Big Scale and They Will Win
Harvard Economics Professor: Governments Will Not Allow Bitcoin on a Big Scale and They Will Win Harvard Professor of Economics and former Chief Economist at the
Tom Blackstone8 hours agoOpenAI staff tells board to resign after Sam Altman ousting: Report505 out of 700 employees reportedly signed a letter stating that the board undermined the company’s mission by firing Altman.1
Centre Obliges Government Request, Freezes Address With $100,000 USDC
Centre Obliges Government Request, Freezes Address With $100,000 USDCCentre Consortium has blacklisted an ethereum address holding $100,000 in USDC, a move that the entity says was
FTX Bankruptcy: Judge Delays Decision on Appointing Independent Examiner Amid Cost Concerns
FTX Bankruptcy: Judge Delays Decision on Appointing Independent Examiner Amid Cost Concerns Judge John Dorsey has delayed his decision on whether to appoint an independent examiner
TNC IT Group’s Token to Be Listed This April
TNC IT Group’s Token to Be Listed This AprilTNC IT Group (TNC), an international blockchain company, will have its native currency TNC Coin listed on crypto exchanges by April 30.