The Commodity Futures Trading Commission (CFTC) has filed a lawsuit against Mosaic Exchange Limited and Sean Michael.
According to the CFTC’s complaint, submitted at the Florida Southern District Court on September 26, 2023, from approximately February 2019 to in or about June 2021 (the “Relevant Period”), Mosaic Exchange, through its officers, agents, and employees, and Sean Michael directly, fraudulently solicited and induced individuals in the United States and other countries to open accounts with and transfer bitcoin (“BTC”) or other funds to defendants for Mosaic to trade futures contracts and/or swaps on, and engage in spot transactions and transactions on a leveraged or margined basis in, digital asset commodities on customers’ behalves through pooled and individual accounts.
To induce customers and prospective customers to open accounts with Mosaic,…
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