US court fines $209 million for Ponzi scheme disguised as cryptocurrency and carbon investment project

Odaily Planet Daily News: The Commodity Futures Trading Commission (CFTC) reported on Tuesday that Judge Mary Rowland of the United States District Court for the Northern District of Illinois has ordered Oregon resident Sam Ikkurty and multiple entities to pay a fine of $209.61 million. The involved entities include Jafia LLC, Ikkurty Capital LLC, Rose City Income Fund I LP, Rose City Income Fund II, and Seneca Ventures LLC. The court's decision is based on the discovery by the CFTC of fraudulent solicitation and misappropriation of funds, which the CFTC describes as Ponzi schemes disguised as cryptocurrency and carbon investment projects. The verdict requires Sam Ikkurty to pay $83.7 million in compensation to investors to offset $36.9 million in unpaid illegal gains, in addition to a civil fine of $110.9 million. （News.bitcoin）