On September 8, a significant action was taken by the Commodity Futures Trading Commission (CFTC). Jacob Orvidas faced a substantial penalty for orchestrating a deceptive Bitcoin trading scheme.
Orvidas was charged for making exaggerated profit promises. Attracting over $2 million, he convinced at least four investors with his fabricated assurances.
Contrary to his claims of expertise, Orvidas portrayed a misleading picture of his trading prowess. He assured investors their funds were safeguarded. Tragically, he squandered almost the entire amount in Bitcoin (BTC) trades.
It wasn’t just about poor trading decisions. The CFTC highlighted that Orvidas falsified account statements to hide his losses. When confronted about withdrawals or profits, he provided fabricated reasons.
The repercussions were severe. Ordered to repay the duped amount, Orvidas is now on the hook for over $2 million. Additionally, a record civil penalty of $500,000 was levied against him. The breach of commodity trading regulations has led to a decade-long ban from commodity registrations and trading. He’s also mandated to halt all fraudulent endeavors.
Ian McGinley, the Director of Enforcement, voiced the CFTC’s commitment. “Our core mission is safeguarding the public in the evolving digital-asset landscape,” he stated. While many digital asset cases are intricate, he emphasized, “this Bitcoin instance is blatant fraud. It’s a deception as old as time itself. We’re equipped and ready to combat such malpractices.”
The findings revealed a consistent pattern from October 2017 to July 2020. Orvidas, capitalizing on false trading acumen, enticed individuals into his Bitcoin venture. He promised vast returns and assured the safety of their capital.
Orvidas made a glaring claim of an individual who allegedly transformed a $100,000 Bitcoin investment into a staggering $2.7 million. He even belittled crypto trading, likening it to “a money-printing machine.”
Yet, the harsh reality was starkly different. The vast majority of the pooled funds met with trading losses, underscoring the unpredictable nature of cryptocurrency markets.
The post Prominent Bitcoin Scam Unearthed: CFTC Clamps Down on Jacob Orvidas appeared first on CryptoMode.
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