Bitcoin Fraudster Gets $2M Fine, 10-Year Ban From CFTC

Bitcoin Fraudster Gets $2M Fine, 10-Year Ban From CFTC

Today’s issued order reveals Orvidas’ involvement in fraudulent activities related to leveraged Bitcoin trading within a commodity pool.

Orvidas is accused of enticing at least four individuals, referred to as “pool participants,” into his scheme, where he made extravagant promises of substantial profits and the security of their investments.

However, the outcomes sharply contradicted his claims, as he squandered most of their funds through reckless trading.

To exacerbate his deception, Orvidas resorted to fabricating information, presenting fictitious financial documents, and offering justifications to conceal the losses.

Ultimately, these deceptive actions resulted in the pool participants suffering losses exceeding $2 million.

The Commodity Futures Trading Commission (CFTC) order mandates Orvidas to make restitution payments exceeding $2 million and imposes a significant civil monetary penalty of $500,000.

Furthermore, it compels Orvidas to cease any further violations of the Commodity Exchange Act.

The order also imposes a ten-year ban on Orvidas’s registration and participation in trading activities.

Orvidas’ fraudulent activities occurred between October 2017 and July 2020, during which he deceived investors by misrepresenting his trading capabilities, falsifying profits, and making unfounded assurances regarding the safety of their investments.

Additionally, it’s worth noting that Michael and Amanda Griffis, proprietors of a real estate business in Clarksville, Tennessee, were the subject of a complaint from the CFTC on July 25, alleging their involvement in defrauding more than 100 individuals in a scheme related to a digital assets commodity pool, as reported.

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