The CFTC is wanting a penalty of $27 million to be given to Michael Ackerman, the leader of Q3 Holdings, which is a scam related to digital resources.
The New York Southern District Court has proposed a default judgment against Ackerman on June 8, 2023. According to documents seen by FX News Group, Ackerman must pay a civil monetary penalty of $27,092,907.70.
In February 2020, the CFTC announced a lawsuit against the defendants Q3 Holdings, LLC, Q3 I, LP and their leader Michael Ackerman for fraudulently collecting nearly $33 million to supposedly trade digital assets and misusing a considerable part of the amount. According to Section 6c(d)(3)(A) of the Act, 7 U.S.C. § 13a-1(d)(3)(A), Ackerman must give back $27,092,907.70.
The complaint states that from August 2017 to December 2019, the defendants were running a scam. They asked people for money to trade digital assets but then kept the funds for themselves. They made false claims that customers could make 0.5% in daily trading profits and 15% per month, plus they said their algorithms would always win and supposedly their security measures made it impossible to transfer or withdraw customer funds.
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