Ex-Wall Street Trader Defrauds Doctors of $35 Million
Cryptocurrency, News

Ex-Wall Street Trader Defrauds Doctors of $35 Million

50-year old Michael Ackerman was recently arrested for crypto fraud and money laundering. He worked as a trader on Wall Street for more than 15 years. The money used for the laundering is alleged to be taken from victims, promising them high returns from crypto investments. 

According to the statement, the total amount of funds Ackerman managed to collect from the victims was over $35 million. Physicians were the main targets of this crypto investment scam. 

Legal suits against Ackerman were made by the US SEC and the CFTC regulators. The authorities alleged that he defrauded investors while he was running operations connected to crypto investments. 

Per the court filings, Ackerman was operating 3 different companies and collected investments from 150 people. He lured them to invest their funds in digital assets through his fund managers. 

The suspect claimed he used a trading algorithm which was invented by himself using the fluctuation of crypto.??The founds were collected from the investors from 2017 to 2019.

He is alleged to have forged financial reports and shown them to the investors to make them believe that his fund had a great crypto investment portfolio, worth $315 million. He promised them over 15% in monthly returns. It is alleged that Ackerman spent only about 15% of the $35 million on actual investments and pocketed the rest. 

coinmag

Sudarshan M is a long time crypto-enthusiast. Pulled in by bitcoin early on, it did not take long for Sudarshan to divert all of his academic attention from business studies to blockchain by doing his Masters and eventually pursuing his PhD in the subject.

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