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Bitcoin Ponzi Schemer Must Pay $2.5 Million, Federal Court Rules

October 18, 2018 10:23 PM
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WASHINGTON—A federal court ordered a New York trading firm to pay $2.5 million in fines and restitution for orchestrating a Ponzi scheme that defrauded at least 80 customers who thought they were investing in bitcoin.

The Commodity Futures Trading Commission filed charges in this first ever antifraud case related to bitcoin in September 2017. The court ruled that Staten Island-based Gelfman Blueprint Inc. and its chief executive, Nicholas Gelfman, solicited more than $600,000 from retail investors between 2014-20...

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