According to Odaily, the U.S. Commodity Futures Trading Commission (CFTC) has announced a default judgment against Mosaic Exchange Ltd. and its owner and CEO, Sean Michael. The CFTC initiated enforcement action alleging a fraudulent digital asset commodity scheme. The order stems from a lawsuit filed by the CFTC on September 26, 2023. The default judgment holds Mosaic and Michael accountable for all violations of CFTC regulations cited in the lawsuit, including fraudulently soliciting 18 individuals from the U.S. and other countries by claiming to offer Bitcoin and other digital asset trading services while misappropriating client funds. The judgment mandates them to pay approximately $468,600 in restitution, $60,980 in disgorgement, and $660,000 in civil penalties.