The US Commodity Futures Trading Commission (CFTC) has filed a lawsuit in the U.S. District Court for the Southern District of Florida against Mosaic Exchange Limited and its CEO Sean Michael for running a digital asset fraud scheme.
The CFTC accuses Mosaic and its executives of fraudulently soliciting hundreds of thousands of dollars in funds from 17 U.S. and foreign investors to trade Bitcoin and other digital assets on behalf of clients that were ultimately embezzled.
CFTC Commissioner Christine Johnson called the entire scheme "quackery" and a "virtual house of cards" that resulted in gullible investors losing large sums of money.
The CFTC accuses Mosaic and its executives of fraudulently soliciting hundreds of thousands of dollars in funds from 17 U.S. and foreign investors to trade Bitcoin and other digital assets on behalf of clients that were ultimately embezzled.
CFTC Commissioner Christine Johnson called the entire scheme "quackery" and a "virtual house of cards" that resulted in gullible investors losing large sums of money.