CFTC Charges California Residents Hasan Sarwar a/k/a Alexander Sarwar, and Rachida Elfrimi With Operating a $1.19 Million Dollar Ponzi Scheme and Registration Violations Ponzi scheme

Key facts

Release number

7622-17

Release date

2017-09-30

Type

Ponzi scheme

Primary source

https://www.cftc.gov/PressRoom/PressReleases/7622-17

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.