Oklahoma Federal Court Orders More than $26 Million in Customer Restitution and Civil Monetary Penalties Against Prestige Ventures Corporation, Federated Management Group, Inc., Kenneth W. Lee and Simon Yang, Defendants in CFTC Ponzi Scheme Action Ponzi scheme

Key facts

Release number

5949-10

Release date

2010-12-08

Type

Ponzi scheme

Primary source

https://www.cftc.gov/PressRoom/PressReleases/5949-10

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.