# Federal Court in Idaho Orders Michael Justin Hoopes to Pay over $11.8 Million for Operating a Ponzi Scheme

> CFTC release 6321-12 · 2012-07-31 · **Ponzi scheme** · ENFORCEMENT

## Key facts

- **Release number:** 6321-12
- **Release date:** 2012-07-31
- **Type:** Ponzi scheme
- **Title:** Federal Court in Idaho Orders Michael Justin Hoopes to Pay over $11.8 Million for Operating a Ponzi Scheme
- **Primary source:** https://www.cftc.gov/PressRoom/PressReleases/6321-12

## What this is

CFTC enforcement actions cover derivatives + commodities + crypto fraud cases. The Commission charges market participants under the Commodity Exchange Act for spoofing, manipulation, fraud, wash trades, registration violations, and pool-operator misconduct. Most actions settle with restitution + civil money penalty + a bar/suspension.


## Citation

> US Commodity Futures Trading Commission, press release 6321-12, "Federal Court in Idaho Orders Michael Justin Hoopes to Pay over $11.8 Million for Operating a Ponzi Scheme", 2012-07-31. Retrieved via AI Analytics 2026-07-15 from https://api.ai-analytics.org/cftc-action/6321-12.

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