Crypto Trio Accused Of Scamming $35M Ponzi Scheme

Priyanka Kulkarni
Priyanka Kulkarni, post-graduated in Business Administration holds worthy experience in market research and investment banking. She is passionate to flaunt her perception towards cryptocurrencies.
  • A Ponzi scheme was run by three alleged crypto traders stealing millions of dollars from chunks of traders.
  • The federal securities fraud case tags the three defendants as the key culprits of the scheme.
  • According to the statement by Q3 Investment Recovery Vehicle, the founders’ deceitfully claimed that the investment would be used for the purpose to trade cryptocurrency utilizing a proprietary and a significant algorithm developed by Ackerman.

A Ponzi scheme was run by three alleged crypto traders stealing millions of dollars from chunks of trader. Following a lawsuit filed by an entity named Q3 Investment Recovery Vehicle that is formed by the victims in a federal court of Florida, United States, the accused scammed more than 100 investors for about $35 million.

The scammers’ cheated victims by promising them winning trading formula

As per an announcement published on April 2, the defrauded investors also known as Q3 Investment Recovery Vehicle, suspect the three alleged crypto traders cheating victims by committing them a winning trading formula.

The federal securities fraud case tags the three defendants as the key culprits of the scheme.  These include a financial advisor for Wells Fargo James Seijas who worked until March 2019, and Michael Ackerman, a New York Stock Exchange institutional broker along with a surgeon, Quan Tran.

The culprits claimed that they have used the investments to trade cryptocurrency

These three culprits have cheated with almost 20 victims who relayed their complaints in the court. According to the statement by Q3 Investment Recovery Vehicle, the founders’ deceitfully claimed that the investment will be utilized for the purpose to trade cryptocurrency through a proprietary and a significant algorithm developed by Ackerman.

The Q3 Investment Recovery Vehicle further highlighted in their complaint that less than $10 million and maybe less than $5 million of the accumulated investment were used for crypto trading. Moreover, the defendants allegedly misused at least $20 million for their personal use.

They also claimed that between August 2017 and December 2019, all the funds were collected to use it in the Ponzi scheme which includes posts on a doctor-centric Facebook group. The complaint also includes Steve Saunders, the vice presidents of operations for Skyway Capital Markets LLC, and Donna Seijas, wife of James Seijas.

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