April 8, 2021
Circle Society, Corp. and its owner, David Gilbert Saffron, have been ordered to pay more than $32 million in restitution, disgorgement, and civil monetary penalty for cryptocurrency fraud and misappropriation. First as an individual, and then through Circle Society, Saffron allegedly solicited millions in Bitcoin and U.S. dollars from at least 179 individuals by making false statements regarding his trading expertise and guaranteed rates of return. However, rather than trading the funds on foreign currencies and cryptocurrency pairs, Saffron directed portions to his personal cryptocurrency wallet and used other portions to pay prior investors. CFTC
Tagged in: Cryptocurrency, Financial and Investment Fraud, Fraud in CFTC-Regulated Markets, Ponzi Schemes,