🚨Breaking news, BTC enthusiasts!🚨 Peter Kambolin, the former CEO of investment firm Systematic Alpha Management LLC (SAM), has admitted to a "cherry-picking" scheme involving crypto futures contracts and foreign exchange contracts. 😱

This sneaky practice allowed Kambolin to allocate profitable and unprofitable trades in a way that benefited his accounts while causing losses for investors.💰😢

According to the US Department of Justice, Kambolin misled clients into believing that SAM's trading strategies focused on crypto futures contracts and foreign exchange futures contracts. In reality, about 50% of the transactions involved equity index futures contracts.📉

Kambolin's actions defrauded clients within and outside the United States, preventing investors from making profitable trades. The former CEO allegedly made nearly $1.5 million in trading profits, while clients suffered trading losses worth over $1.5 million.💸

Kambolin has pleaded guilty to conspiracy to commit commodities fraud and could face up to five years imprisonment. A sentencing date has not been fixed yet.👨‍⚖️

Stay vigilant, crypto fans, and always do your research before investing! 🕵️‍♂️💪