Federal Court Fines Operator of Gelfman Bitcoin Fraud $2.5 Million

[kreslik.news]

A New York resident who purportedly operated a Bitcoin ponzi scheme that solicited at least $600,000 from 80 investors was hit with a $2.5 million fine to settle criminal charges in an enforcement action filed by the CFTC against the cryptocurrency-related fraud.

The court order finds that Gelfman Blueprint, Inc. (GBI) and its principal, Nicholas Gelfman were running a fraudulent scheme that involved a Bitcoin hedge fund which claims to be built on a high-frequency trading algorithm.

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Starting in January 2014, the defendants took the monies form investors to be supposedly placed in ... (read more)