Indian man accused of creating a cryptocurrency pyramid scheme in the US

The Commodity Futures Trading Commission (CFTC) has charged an Ohio man with an alleged Ponzi scheme. The man is charged with extortion of more than $ 12 million and 10 BTC. According to a new press release, the CTFC is taking civil action against Ratnakishore Giri and two of his companies for extorting money from 150 customers. The CFTC is also bringing charges against Giri’s parents for allegedly helping him to obtain the funds illegally.

«The complaint alleges that from approximately March 2019 to the present, the defendants engaged in a fraudulent scheme in which they solicited and accepted more than $ 12 million, 10 bitcoins, from at least 150 customers to invest in various digital asset funds allegedly managed by the defendants. According to the complaint, the defendants made numerous false and misleading statements in their solicitations, including guarantees of profits and Giri’s alleged success as a digital asset trader,» — the press release reads

The CTFC also alleges that Geary lied to investors and ran his companies like Ponzi schemes, using client money to fund his own lavish lifestyle.

«The complaint also alleges that the defendants omitted material facts in their solicitations to customers — the defendants misappropriated customer funds to pay profits to other customers in a manner similar to a Ponzi scheme. They also misappropriated customer funds to pay for Geary’s lavish lifestyle of yacht charter, luxury vacations and expensive purchases,» — the Commission concluded.