A U.S. court orders the cryptocurrency hedge fund Jafia and its executives to pay $84 million in response to a CFTC lawsuit
ChainCatcher news, according to Bloomberg Law News, a federal court in Illinois has ordered the cryptocurrency hedge fund Jafia LLC and its principal Sam Ikkurty to pay $84 million to settle fraud charges brought by the Commodity Futures Trading Commission (CFTC).
Judge Mary Rowland stated that Sam Ikkurty made various false statements regarding the cryptocurrency hedge fund operated by his company Jafia, including statements about his experience in cryptocurrency trading. Sam Ikkurty also used funds from other investors to pay inflated redemption amounts to fund investors, constituting a "typical Ponzi scheme."
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