US regulators have charged the CEO of bankrupt crypto lending platform Voyager Digital with fraud.
U.S. Commodity Futures Trading Commission (CFTC) and Federal Trade Commission (FTC) Voyager Digital And CEO Stephen Ehrlich He made statements about. Appearing in court in two different sessions, about an hour apart, the regulatory authorities heard Ehrlich via Voyager defrauded thousands of customers While Voyager manages consumer assets permanently prohibited.
While both agencies agreed that Voyager and Ehrlich committed fraud, the FTC filed a lawsuit against Ehrlich for failing to insure customer funds with the Federal Deposit Insurance Corporation (FDIC).
On the other hand, in the court file prepared by the CFTC, circle exported by USD Coin (USDC) And Bitcoin (BTC) described it as a commodity.
Last year July Voyager Digital, which filed for bankruptcy in 2019, suffered many investors. CFTC Executive Director, who came to the fore with his latest statement during the ongoing court process Ian McGinleyVoyager was operating without registering with the regulatory body and mby deceiving your customers He emphasized that he presented a fictitious financial statement:
While they represented that they would treat clients’ digital asset commodities safely and responsibly, behind the scenes they took shockingly reckless risks with their clients’ assets. With these moves, they led to Voyager’s bankruptcy and major customer losses. From February 2022 to July 2022, Ehrlich and the Voyager company engaged in a scheme to defraud customers by misrepresenting the financial health of the Voyager digital asset platform.
According to the details presented in the court filing, Voyager told its investors up to 12% It offered the promise of high returns, but it had to pay for those returns. other customers’ funds was used. FTC says Voyager and Ehrlich’s client funds Federal Deposit Insurance Corporation He stated that he lied about being protected by.
While Voyager settled with regulators and accepted the charges and sanctions, Ehrlich did not agree to a settlement with the FTC. Therefore, the case filed against him federal in court to be continued.
According to CoinGecko data, in a short time due to the news flow 15% rising $0.107 from level to $0.124 The local token of the reaching platform is VGX, at the time of writing from $0.110 is being traded.