CFTC Orders $209.61 Million Penalty for Fraudulent Investment Scheme

According to Odaily, the U.S. Commodity Futures Trading Commission (CFTC) reported on Tuesday that Judge Mary Rowland of the U.S. District Court for the Northern District of Illinois has ordered Oregon resident Sam Ikkurty and several associated entities to pay a total of $209.61 million in penalties. The entities involved include Jafia LLC, Ikkurty Capital LLC, Rose City Income Fund I LP, Rose City Income Fund II, and Seneca Ventures LLC. The court's decision follows the CFTC's findings of fraudulent solicitation and misappropriation of funds, which the CFTC described as a Ponzi scheme disguised as cryptocurrency and carbon investment projects. The judgment requires Sam Ikkurty to pay $83.7 million in restitution to investors, offset by $36.9 million in disgorgement of ill-gotten gains, in addition to a civil monetary penalty of $110.9 million.