Virginia Federal Court Orders Ronald W. Smith, Jr., Doing Business as Safeguard 3030 Investment Club, to Pay More than $3 Million in Forex Ponzi Scheme Ponzi scheme

CFTC release 6235-12 · 2012-04-19 · view on cftc.gov ↗

Key facts

Release number: 6235-12
Release date: 2012-04-19
Type: Ponzi scheme
Primary source: https://www.cftc.gov/PressRoom/PressReleases/6235-12

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.