Fugitive CEO Ordered to Pay $3.4 Billion in Record Fraud Case Involving Bitcoin

(Bloomberg) -- A US judge has ordered a South African executive to pay more than $3.4 billion in restitution and fines for a fraud scheme involving Bitcoin — the highest-ever civil monetary penalty in any US Commodity Futures Trading Commission case.Most Read from BloombergTesla Drops Model Y Starting Price Below the Average US VehicleFed’s Jerome Powell Tricked by Russian Pranksters Posing as ZelenskiyUS Economic Growth Slows to 1.1% While Inflation AcceleratesGermany in Talks to Limit Export o

• 2023-04-28
• Mirror Trading International Proprietary Bloomberg Bitcoin Commodity Futures Trading Commission Cornelius Johannes Steynberg South African

US court orders South African firm's CEO to pay $3.4 billion for bitcoin fraud

A federal judge in Texas ordered the head of a South African firm to pay a whopping $3.4 billion for what the U.S. commodities regulator said was its largest-ever fraud case involving bitcoin. Cornelius Johannes Steynberg was ordered to pay $1.7 billion in restitution to victims of the fraud scheme and another $1.7 billion as a civil penalty, a record for any Commodity Futures Trading Commission case, the regulator said in a statement on Thursday. Steynberg, whose last known residence was in S

• 2023-04-28
• Commodity Futures Trading Commission Cornelius Johannes Steynberg South African fraud scheme civil penalty