BTC trading scam suspects ordered to pay $1.75M in CFTC lawsuit
Three men who allegedly duped investors in a BTC trading scam have been ordered by a federal court to pay $1.75 million in restitution and penalties. The three were charged for the scam by the Commodity Futures Trading Commission (CFTC) in September 2020 for duping at least 27 investors for close to $1 million.
In a press release, the CFTC revealed that the Southern District of Texas had entered the consent order against the three alleged BTC scammers. Mayco Alexis Garcia is to pay a civil monetary penalty worth $400,000, while Cesar Castaneda and Joel Garcia are each set to pay $180,000. Collectively, the three are also set to pay $989,550 in restitution.
The CFTC filed the charges against the three—and a fourth defendant Rodrigo Molina—in September 2020. Litigation against Molina is still ongoing.
According to the charges, the four were the founders and operators of Global Trading Club. From August 2016 to October 2017,…