The action is also the largest fraudulent scheme involving bitcoin charged in a CFTC case. (Reporting by Kanishka Singh in Washington)
WASHINGTON, April 27 (Reuters) - A U.S. federal court
ordered South African firm Mirror Trading International's boss,
Cornelius Steynberg, to pay $3.4 billion for forex fraud, the
U.S. Commodity Futures Trading Commission said on Thursday.
The order requires Steynberg to pay $1.7 billion in
restitution to defrauded victims and a $1.7 billion civil
monetary penalty, which is the highest civil monetary penalty
ordered in any CFTC case, the U.S. regulatory agency said in a
statement.
Disclaimer: The views expressed in this article are those of the author and may not reflect those of Kitco Metals Inc. The author has made every effort to ensure accuracy of information provided; however, neither Kitco Metals Inc. nor the author can guarantee such accuracy. This article is strictly for informational purposes only. It is not a solicitation to make any exchange in commodities, securities or other financial instruments. Kitco Metals Inc. and the author of this article do not accept culpability for losses and/ or damages arising from the use of this publication.