He defrauded Cryptocurrency Investors and confessed his crime

The former CEO of a Miami-based investment firm has been convicted of fraud involving cryptocurrencies.

Peter Kambolin, former CEO of Systematic Alpha Management (SAM), “cherry-picking” He admitted he was guilty of what he did.

Kambolin offers investors both cryptocurrency and commodity futures contracts. They trade algorithmically he was saying. But Kambolin misleading investors And “cherry-picking” It was learned that he did.

According to the statement made by the US Department of Justice, Kambolin is used both in the US and other countries. “defrauded investors”.

“Cherry-picking” is described as a type of investment fraud. People who commit this crime decide after completing the transaction into whose account they will record a transaction that results in profit or loss.

According to the Department of Justice, Kambolin earned income by defrauding investors. personal goals was using it for. Part of the proceeds were transferred to bank accounts in Belarus and Dominica.

Kambolin, who pleaded guilty, faces a maximum sentence of five years in prison.

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