The US Commodity Futures Trading Commission (CFTC) ordered Cornelius Johannes Steinberg of Stellenbosch, Western Cape, South Africa, to pay $3.4 billion in Civil and monetary compensation penalty. He organized a crypto Ponzi scheme to defraud victims in United States and other regions.
In what was described as the largest cash civilian penalty Command in any bitcoin (BTC) CFTC related issue since its history creation by Congress in 1974, the agency commissioned the organizers of BTC-based Ponzi scheme for payment over $3 billion.
According to an April 27 statement from the CFTC, Judge Lee Yeckle of US District Court for Western Region of Texas issued an order of Default judgment and permanent injunction against Cornelius Johannes Steinberg, South African fugitive and executive of The now-defunct Mirror Trading International Proprietary Limited (MTI).
The CFTC’s order found that Steynberg and his team organized international Scam multi-level marketing scheme that responded bitcoin residents of the United States and public members for sharing in Fake company coding trading program.
The CFTC notes that it was fraudulent bitcoin trading programSteynberg and MTI received at last 29,421 BTC worth over $1.7 billion of March 2021 from 23,000 victims in United States and more from investors across world.
Now, the Commodity Futures Trading Commission (CFTC) has ordered from Steinberg, currently detained in Brazil on Interpol arrest warrant, to pay $1,733,838,372 in Compensation of defrauded victims and $1733,838,372 in civil money penalty.
Steinberg has also banned from trading in Any markets regulated by the CFTC in Conduct that violates the CEA, or even a registration with an agency in the future.
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