The CFTC also alleged that Circle Society and Mr. Saffron did not use the funds collected from pool participants. The defendants misappropriated the funds. Mr. Saffron held pool participants’ funds in his personal electronic cryptocurrency wallet. He paid some pool participants using others’ funds in a Ponzi scheme manner.
The majority of pool participants did not obtain a return or any of their funds despite their repeated demands.
The CFTC charged Circle Society and Mr. saffron with fraudulent solicitation, misappropriation, and registration violations.
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