The US commodities regulator, the Commodity Futures Trading Commission (CFTC), has accused Mosaic Exchange Limited and its CEO, Sean Michael, of orchestrating a deceptive digital asset commodity scheme.
The CFTC filed a civil enforcement action in the US District Court for the Southern District of Florida, claiming that Mosaic and its operators fraudulently convinced at least 17 individuals, both in the US and other countries, to contribute significant amounts of bitcoin and other funds.
These funds were ostensibly intended for trading BTC and other digital asset commodities on behalf of the customers but were, in reality, misappropriated by Mosaic and its operators.
The CFTC filed a civil enforcement action in the US District Court for the Southern District of Florida, claiming that Mosaic and its operators fraudulently convinced at least 17 individuals, both in the US and other countries, to contribute significant amounts of bitcoin and other funds.
These funds were ostensibly intended for trading BTC and other digital asset commodities on behalf of the customers but were, in reality, misappropriated by Mosaic and its operators.