An Ohio man was forced to pay more than $50 million by a U.S. District Court for the Southern District of New York for allegedly running a #multimillion dollar #cryptocurrency investment fraud.

Michael Ackerman, of Alliance, Ohio, will not be permitted to register with the #Commodity Futures Trading Commission or to trade on any of its markets. According to a statement released by the CFTC on Wednesday, he was ordered to pay $27 million in fines and $27 million in restitution to the victims.

According to #CFTC allegations made in 2020, Ackerman "operated a fraudulent scheme that solicited and misappropriated funds to purportedly trade digital commodity assets." He received at least $33 million in deposits from over 150 individuals and organisations.