CTFC wins record $3.4B penalty payment in Bitcoin-related fraud case
The CFTC said it's the largest fraudulent Bitcoin scheme charged in any of its cases and the "highest civil monetary penalty ordered in a CFTC case." A record-breaking $3.4 billion penalty has been handed down by a Judge in a lawsuit brought by a United States financial regulator involving a fraudulent scheme involving Bitcoin (BTC). An April 27 statement from the Commodity Futures Trading Commission (CFTC) said Texas District Court Judge Lee Yeakel ordered Cornelius Johannes Steynberg to pay the sum for his role in perpetrating a fraud ulent commodity pool scheme involving foreign currency transactions and Bitcoin. Steynberg, a South African national and CEO of Mirror Trading International Proprietary Limited (MTI), a purported trading and networking company, was ordered to pay $1.73 billion in restitution to defrauded victims and an additional $1.73 billion civil monetary penalty. The CFTC said it is the "highest civil monetary penalty ordered in any CFTC case...