CFTC Nabs 2 Crypto Fraudsters Involving in a $44M Ponzi Scheme

Two suspected cryptocurrency fraudsters Sam Ikkurty of Portland, Oregon, and Ravishankar Avadhanam of Illinois have been charged by the United States Commodity Futures Trading Commission (CFTC) for illegally soliciting as much as $44 million through Ponzi-like scheme.

According to the Commodity and Futures regulator, both suspects utilized the social video streaming platform, YouTube to solicit funds from investors with the promise of investing the capital pool and paying out profits. The CFTC said the complaints it filed against both men allege that instead of investing the pool funds, the capital was being redistributed amongst signed participants in a scheme that can only be termed Ponzi Scheme.