Sources
Loading...
Additional media
Loading...
DeepNewz, mobile.
People-sourced. AI-powered. Unbiased News.
El Paso Man Fined $31M for Forex and #Crypto Fraud #NewsBytes https://t.co/rpD4QhRe8K
Two more promoters of the Forcount crypto Ponzi scheme — a Brazil-based scam that bilked Spanish-speaking investors out of $8.4 million between 2017 and 2021 — have pleaded guilty to their roles in the scheme. https://t.co/c3a2arsyPh https://t.co/d4fkPQu5Kx
Major Win for Crypto Regulation Alejandro Tinoco faces a $31M fine after the CFTC cracked down on his Ponzi scheme. He scammed 199 investors, diverting $9M meant for crypto and forex into personal luxuries. This $31M penalty, including $18.7M in civil fines, highlights the… https://t.co/T18XBXcKbU
A federal court has ordered Abner Alejandro Tinoco, a 28-year-old man from El Paso, and his firm to pay over $31 million for their involvement in a forex and cryptocurrency fraud. Tinoco operated a Ponzi scheme that defrauded 199 investors, pocketing $9 million which he used to purchase luxury cars, jets, and other personal luxuries. The Commodity Futures Trading Commission (CFTC) imposed the penalty, which includes $18.7 million in civil fines. Tinoco has already been sentenced to seven years in federal prison for his crimes.