ChainCatcher reported that according to Bitcoin.com, the U.S. Commodity Futures Trading Commission (CFTC) reported on Tuesday that Judge Mary Rowland of the U.S. District Court for the Northern District of Illinois has ordered Oregon resident Sam Ikkurty and his multiple entities to pay a fine of $209.61 million.
The entities involved are reportedly Jafia LLC, Ikkurty Capital LLC, Rose City Income Fund I LP, Rose City Income Fund II, and Seneca Ventures LLC. The court’s decision was based on the CFTC’s findings of fraudulent solicitation and misappropriation of funds in what the CFTC described as a Ponzi scheme disguised as a cryptocurrency and carbon investment project.
The judgment requires Sam Ikkurty to pay $83.7 million in restitution to investors to offset $36.9 million in disgorgement of ill-gotten gains, and he is also required to pay a civil penalty of $110.9 million.
