Court Issues Certificates For The CFTC Complain Regarding Ackerman

Steve Anderrson
Steve Anderson is an Australian crypto enthusiast. He is a specialist in management and trading for over 5 years. Steve has worked as a crypto trader, he loves learning about decentralisation, understanding the true potential of the blockchain. Join the official channel of thecoinrepublic, For the latest news updates: https://t.me/thecoinrepublic
  • CFTC had pressed charges against Michael Ackerman and his established companies for conducting frauds.
  • The New York Southern District Court has issued certificates of default for the convict.
  • The dependant, Michael Ackerman didn’t respond to the court order in the specified team and consequently entry by default was issued.

CFTC had pressed charges against Michael Ackerman and his established companies for conducting frauds. A month ago, the United States Commodity Futures Trading Commission (CFTC) had issued an entry by default against Ackerman and his fraudulent organizations. Entry by default is when the defendant fails to respond to the court order in specified date and consequently he/she is by default depending upon the circumstances. Recently, the New York Southern District Court has issued certificates of default for the convict. Michael Ackerman was the founder of Q3 Holdings, LLC and Q3 I, LP and was accused of serious fraud activities. 

Ackerman Accused Of Fraud

The CFTC complaint that was lodged in 2017, accuses the convict and its entity Q3 for operating fake and dishonest schemes. These schemes mainly tricked the users and the attackers sued and misused their funds for trading digital assets. Moreover, the victims were not even aware that their crypto funds were being consumed. The fraudulent scheme is said to have victimized over 150 individuals and companies.

More than $33 million was deposited but only $10 million of the total was transferred to the cryptocurrency exchanges. An estimated $25 million was said to be transferred to Ackerman and other founders’ personal bank accounts. More than $7 million were transferred to Ackerman’s account alone. 

Q3 Made Up Transaction Receipts And Newsletters To Trick The Customers

However, the dependant didn’t respond to the court order in the specified team and consequently entry by default was issued. In order to lure investors, Q3 said that they were rightfully trading cryptocurrencies and receiving a monthly return of 15%. Obviously this didn’t happen and most of customers’s funds were misused in the name of trading.

Q3 even went to an extent of providing the customers with fake accounting statements and receipts reflecting the trading transactions. Q3 even went on making up screenshots which depicted that all the funds were securely managed by them.

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