The United States Commodity Futures Trading Commission (CFTC) has charged two U.S. residents and their entities for running a cryptocurrency investment scheme that defrauded over 170 investors.
CFTC Charges Two Men for $44M Crypto Scam
In an official press release, the CFTC alleged that the defendants, Sam Ikkurty and Ravishankar Avadhanam, had fraudulently solicited a total of $44 million from investors via several corporate entities under their control.
The regulator has also charged the defendants with operating an illegal commodity pool and failing to register as a Commodity Pool Operator with the CFTC.
According to the Commission’s complaint, the duo had promoted three so-called digital asset income funds – Ikkurty Capital, Rose City Income Fund, and Seneca Ventures – to investors. They’ve worked to lure in unsuspecting investors.
They started targeting investors in January 2021 through various channels such as an official website, a YouTube channel, and several other mean
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