In addition, the CFTC would like a default verdict against Ackerman after it refused to appear at the original petition hearing. The original motion filed by the Agency along with the U.S. The Securities and Exchange Commission (SEC) pursued the accusation that Ackerman had died after collecting funds from investors.
According to a paper summarising the situation, Ackerman, a retired stockbroker, is reported to have received around $33 million from more than 150 investors. Ackerman effectively persuaded clients that a large portion of their money would be spent in the crypto market. The study adds that Ackerman has said that he would use a “special algorithm to maximise returns.”
However, in its most recent motion, the CFTC said that Ackerman did not deliver on those promises. The new motion reads:
“In truth, Ackerman invested no more than $10 million of the $33 million raised from investors in cryptocurrencies and the profits generated by the algorithm were minimal, at best.”
Instead of spending the funds as promised, Ackerman is said to have used the funds to “purchase and renovate a new home, pay more than $600,000 for personal security services, purchase more than $100,000 worth of Tiffany & Co. jewellery and purchase three cars.”
Meanwhile, in order to make the illegal scheme look legal, Ackerman reportedly used two companies, Q3 Trading Club, and Q3 I, LP. The latest motion of the CFTC also shows that Ackerman has also used “doctored balances screenshots” and falsified documents in an attempt to mask the fraud.
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