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Securities Regulation, Cryptotransactions Keyed to Goforth
Commodity Futures Trading Commission v. McDonnell
Citation:
287 F. Supp. 3d 213 (2018)Facts
In spring and summer 2017, Patrick McDonnell and CabbageTech Corp., doing business as Coin Drop Markets, offered fraudulent trading and investment services related to virtual currencies including Bitcoin and Litecoin. Defendants advertised membership in trading groups purporting to provide exit prices and profits of up to three hundred percent per week through websites and social media platform Twitter. Customers from the United States and abroad paid defendants for membership in virtual currency trading groups and transferred virtual currency to defendants for day trading. After receiving membership payments or virtual currency investments, defendants deleted their social media accounts and websites and ceased communicating with customers around July 2017. Defendants provided minimal if any virtual currency trading advice, never achieved promised returns on investment, refused to return membership fees or virtual currency investments when requested, and misappropriated the funds.
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