CFTC Orders Man and Company to Pay Over $31 Million in Forex and Crypto Fraud

BlockBeats news, July 27, according to the official announcement, the U.S. Commodity Futures Trading Commission (CFTC) announced today that David C. Guaderrama, senior judge of the U.S. District Court for the Western District of Texas, issued a ruling on July 9 against Abner Alejandro Tinoco and his company Kikit & Mess Investments, LLC, requiring them to pay a total of more than $31 million in economic compensation.

The ruling requires Tinoco and Kikit & Mess (formerly located in El Paso, Texas) to jointly and severally pay $6,203,792.18 in compensation to 199 victims; pay $6,257,904.89 in stolen money return and give an equal deduction for any compensation paid to victims; and a civil monetary penalty of $18,773,714, which is three times the illegal proceeds of its fraudulent foreign exchange and cryptocurrency scheme.