CFTC Indicts Mosaic Exchange Founder for Running Fraudulent Crypto Operations

ewoy (42)in #cftc • last year

The US Commodity Futures Trading Commission (CFTC) has announced a civil enforcement action against a crypto trading platform called Mosaic Exchange Limited and its owner, Sean Michael.

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Cryptonews News CFTC Indicts Mosaic Exchange Founder for Running Fraudulent Crypto Operations
Sep 29, 2023 5:50 PM EDT · 2 min read

Jimmy Aki
@jimmy-aki
m
CFTC Indicts Mosaic Exchange Founder for Running Fraudulent Crypto Operations

Source: Adobe
The US Commodity Futures Trading Commission (CFTC) has announced a civil enforcement action against a crypto trading platform called Mosaic Exchange Limited and its owner, Sean Michael.

In a press release dated September 27, the CFTC disclosed that the Pennsylvania-based limited liability company and its founder operated a fraudulent digital asset commodity scheme.

This occurred from February 2019 to June 2021 before their actions drew the agency's attention.

The US agency stated that the cryptocurrency exchange advertised itself as a genuine Bitcoin trading operation with tens of millions of dollars in assets under management (AUM).

Under this guise, it fraudulently obtained hundreds of thousands of dollars worth of Bitcoin and other funds from 17 US residents and other nationals to trade the crypto market on their behalf.

However, contrary to its claims, the received funds were misappropriated.

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