CFTC Targets Mosaic Exchange Over Fraudulent Crypto Activities
The US Commodity Futures Trading Commission ( CFTC ) has initiated a civil enforcement action against Mosaic Exchange Limited , a Pennsylvania-based firm, and its CEO, Sean Michael . The duo is accused of masterminding a deceptive digital asset commodity ploy, manipulating investors, and misappropriating client funds. Based on the complaint, the defendants craftily lured 17 domestic and international individuals, persuading them to invest vast sums, notably in Bitcoin (BTC). Contrary to promises, these funds, earmarked for crypto asset trading on behalf of clients, were allegedly siphoned off for the defendants’ gains. Historical data from February 2019 to June 2021 exposes that the accused provided deceptive information about Mosaic Exchange. They proclaimed Mosaic a formidable cryptocurrency trading hub, boasting significant assets and a proprietary trading algorithm claiming an 82% accuracy rate. Moreover, they tantalized potential investors with alluring profit margins betwe...