According to Cointelegraph, ex-CEO of a Miami-based investment firm has pled guilty to a conspiracy to commit commodities fraud involving crypto futures contracts and now faces up to five years in prison.
With insights from a statement made on October 12, 2023, the United States Department of Justice mentioned that Peter Kambolin, ex- CEO of Systematic Alpha Management (SAM) LLC, operated a “cherry picking” scheme. The scheme is believed to have nmarketed his firm as offering algorithmic trading strategies involving futures contracts, including both cryptocurrencies and commodities, Cointelegraph added.
“In doing so, Kambolin defrauded investors located in the United States and abroad by, among other things, depriving them of profitable trades,” prosecutors explained.
Furthermore, the proceeds of the new scheme were transferred to foreign bank accounts controlled by a co-conspirator in Belarus and Dominica, Cointelegraph concluded.
(With insights from Cointelegraph)