California Resident Jinsup Choi Ordered to Pay More than $10 Million in Restitution and a $1 Million Monetary Penalty for Defrauding Investors in a “Ponzi” Scheme Involving Commodity Futures Contracts Ponzi scheme

CFTC release 5568-08 · 2008-10-25 · view on cftc.gov ↗

Key facts

Release number: 5568-08
Release date: 2008-10-25
Type: Ponzi scheme
Primary source: https://www.cftc.gov/PressRoom/PressReleases/5568-08

About CFTC enforcement

The CFTC charges market participants under the Commodity Exchange Act for spoofing, manipulation, fraud, wash trades, registration violations, and commodity-pool-operator misconduct. Most actions settle with restitution + civil money penalty + a bar/suspension. Crypto-asset cases have been a major share since 2019.