A federal judge in Florida ordered two individuals to pay more than $30 million in restitution and penalties for allegedly defrauding over 9,000 people in a scam involving cryptocurrencies and precious metals, the US Commodity Futures Trading Commission said Wednesday. Default judgments were entered against Brian Early and Alisha Ann Kingrey, defendants in a 2023 CFTC lawsuit against trading website Fundsz and its founder, Rene Larralde. The agency alleged the scheme promised guaranteed returns but fabricated weekly profits and never traded customer funds. Early and Kingrey promoted the company in Telegram chats, misrepresenting false historical trading profits and downplaying risks.
Early did not respond to requests for comment. Kingrey denied defrauding anyone, stating she never met the founder in person and that customers were paid until the government froze assets. She claimed inability to pay, saying, "You can't get blood from a turnip. Check my Chime bank account; I'm negative $25." The judge ordered each to pay over $15.7 million in restitution and civil penalties. Representatives of Larralde's estate, who died in 2023, agreed in July to surrender cash, cryptocurrency, and a home to settle allegations. About $4 million is expected to be returned to investors.
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