DoJ onderneemt actie tegen leidinggevenden vanwege fraude met crypto-futures

• Het DoJ heeft juridische stappen ondernomen tegen Peter Kambolin, die schuldig pleitte aan het misleiden van investeerders. 
• Kambolin was eigenaar en CEO van de beleggingsonderneming Systematic Alpha Management LLC (SAM).
• He used his clients’ funds for personal profit, claims the DoJ, and was involved in a “cherry-picking” scheme.
• Hij riskeert een gevangenisstraf van vijf jaar, maar de rechtbank heeft nog geen datum voor de verdachte bekendgemaakt.

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The United States Department of Justice (DoJ) has taken action against the chief executive officer (CEO) of an investment firm who pleaded guilty on October 12 to a “cherry-picking” scheme involving cryptocurrency futures. The agency claims that the executive “fraudulently misappropriated profitable trades for himself and saddled his investors with losses.”

Volgens de aankondiging uitgegeven on October 12 by DoJ, the 48-year-old Peter Kambolin, a US-Russian national of Sunny Isles Beach, Florida, owned and headed Systematic Alpha Management LLC (SAM), an investment firm. The firm was marketed to investors as offering algorithmic trading strategies involving futures contracts.

Acting Assistant Attorney General Nicole M. Argentieri of DoJ’s Criminal Division stated that “the defendant breached client trust for personal profit.” The agency claims that Kambolin, who was a commodity trading advisor and a commodity pool operator, engaged in a ‘cherry-picking’ scheme between January 2019 and November 2021 in which “he fraudulently allocated profits and losses from futures trades in a manner designed to benefit his own accounts unfairly at the expense of his clients.”

“This conduct undermines investor confidence in the commodities markets. This plea demonstrates that the Justice Department will not allow financial advisors to place their self-interest ahead of clients, including by cherry-picking trades. It also underscores the Justice Department’s commitment to using data analytics to prosecute wrongdoing in the financial markets,” said Argentieri.

DoJ claims that Kambolin lied to people about his firm utilizing trading strategies focused on cryptocurrency futures contracts and foreign exchange futures contracts, while in reality, almost half of the fraudster’s trading in each pool involved equity index futures contracts. The agency also noted that the proceeds from the fraud were used for personal things like renting a beachfront apartment.

Bovendien verklaarde het DoJ dat Kambolin een deel van de opbrengst had overgemaakt naar buitenlandse bankrekeningen die zijn mede-samenzweerder beheerde in Wit-Rusland en Dominica. Ondertussen riskeert Kambolin een gevangenisstraf van vijf jaar, en er moet nog een datum worden vrijgegeven.

Assistant Inspector General for Investigations Shimon R. Richmond of the Federal Deposit Insurance Corporation Office of Inspector General (FDIC-OIG) said that the “plea recognizes the importance of holding the defendant accountable for his actions in misleading and defrauding investors through a cherry-picking scheme and using proceeds from the scheme to fund his own personal lifestyle.”

Zoals eerder gemeld door Bitnation, heeft het DoJ in beslag genomen cryptocurrencies ter waarde van $3,36 miljard from a man who “unlawfully obtained” more than 50,000 bitcoins from the now-extinct dark-web market, Silk Road.

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