A proposed default judgment submitted by the US Commodity Futures Trading Commission (CFTC) indicates that the owner of fraudulent bitcoin trading scheme Control Finance would have to pay a total penalty for $572 million for restitution and as a penalty.

As per the <a href="https://financefeeds.com/cftc-seeks-429m-penalty-imposed-director-cryptocurrency-scam-control-finance/" target="_blank" rel="noopener">report</a>, on August 20, the proposed judgment filed by the CFTC with the New York District Court suggested now the sole director of Control-Finance would have to pay a penalty of $429 million and restitution fees of $143 million.
<h2>Waiting For Control-Finance Owner’s Answer</h2>
The report further mentioned that in June 2019, CFTC filed a complaint to seek for the answers regarding Control-Finance scheme, but the owner neither did appear in the court nor he gave the answers to any of the questions raised by the US agency. 

CFTC in its complaint has claimed that on May 01, 2017, Control-Finance launched a fraudulent scheme through which it defrauded around 1,000 customers and earned 22,858.822 Bitcoins worth $147 million, from them.

When Reynolds introduced this scheme, he promised his users that every month they would get a trading return of up to 45 percent for each investment, however, nothing like this ever happened.

According to the complaint filed by CFTC, “In reality, the defendants made no trades on customers’ behalf, earned no trading profits for them, and misappropriated their Bitcoin deposits.”
<h2>Reynolds Created Control-Finance Affiliate Program</h2>
CFTC in its proposed default judgment has clearly mentioned that from now Reynolds would not trade bitcoin, permanently.

The US agency in its complaint has stated that Reynolds was developing a Control-Finance ‘Affiliate Program’ using different websites. 

In September 2017, he stopped all the operations of the Control-Finance website which also affected the payments that were being processed by the customers and Affiliate Program members. However, Reynolds false promised all the customers that he would return their deposits in Bitcoin by the end of October or November of 2017. 
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CFTC Seeks For $572 Million Penalty And Restitution From Control-Finance Owner

A proposed default judgment submitted by the CFTC indicates that the owner of Control-Finance would have to pay a total penalty for $572 million.

Jyoti is a graduate from GGSIPU and has done her PG Diploma in English Journalism from IIMC. Presently, she is working as a content writer with Agio Support Solution Pvt. Ltd. Her aim is to provide informative content about cryptocurrency and blockchain, to the tech-enthusiasts.

CFTC Seeks For $572 Million Penalty And Restitution From Control-Finance Owner

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