The U.S. Commodity Futures Trading Commission has announced that Judge Lee Yeakel of the U.S. District Court for the Western District of Texas entered an order of default judgment and permanent injunction against Cornelius Johannes Steynberg of Stellenbosch, Western Cape, Republic of South Africa. The order requires Steynberg to pay $1,733,838,372 in restitution to defrauded victims and a $1,733,838,372 civil monetary penalty, which is the highest civil monetary penalty ordered in any CFTC case.
This action is also the largest fraudulent scheme involving Bitcoin charged in any CFTC case.
Additionally, under the order, Steynberg is permanently enjoined from engaging in conduct that violates the Commodity Exchange Act (CEA), as charged, registering with the CFTC, and trading in any CFTC-regulated markets.
The order finds that Steynberg, the founder and CEO of Mirror Trading International Proprietary Limited (MTI), a company currently…
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