The Commodity Futures Trading Commission Fails to Locate Crypto Ponzi scheme Suspect

Hey ninjas, how’s the trading going? On the day the largest cryptocurrency Bitcoin is in the green zone and is reporting moderate daily gains of over 6% and has once again risen to trade above 8K. At press time, bitcoin is trading at $8,082.

In the month of June 2019 the United States Commodity Futures Trading Commission took action against Benjamin Reynolds and his firm, the CTFC filed against Reynolds in the New York Southern District Court for allegedly defrauding the firm’s crypto investors of at least 22,858 Bitcoin valued at $147 million.

According to the memorandum following the motion, the regulator explains that it attempted to notify Benjamin Reynolds of the court case against him and his firm but upon the arrival of the process server at the address listed in his firm’s papers of Control Finance as his “service address”, it was discovered that the location does not exist.

The CTFC also tried contacting Reynolds via email with the only known email associated with him and his company but to no avail, the attempts was met with an error message indicating that the message could not be delivered.

On the 6th of January, financial news outlet FinanceFeeds reported that the CTFC filed a motion with the New York Southern District Court for the service process on Reynolds. 

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