A federal judge ordered Jafia LLC and its owner Sam Iccurti to pay nearly $84 million to cryptocurrency investors after the firm was found to be operating a Ponzi scheme. 🏛️

The court found that Iccurti misappropriated investment funds for personal use without informing investors. These funds were used for personal use and were reported as fraudulent investments, causing significant financial loss to clients.

Such opaque transactions violate CFTC regulation, resulting in a hefty fine to compensate defrauded investors and restore confidence in the financial system.