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      Page 30 - 期貨和衍生品行業(yè)監(jiān)管動(dòng)態(tài)(2024年7月刊)
      P. 30

      期貨和衍生品行業(yè)監(jiān)管動(dòng)態(tài)
      
      
      
      
                         disgorgement jointly and severally against Sam Ikkurty of Oregon and Jafia, LLC,
      
                         Ikkurty Capital, LLC d/b/a Rose City Income Fund I, Rose City Income Fund II, and
      
                         Seneca Ventures, LLC (defendants). In addition, the summary judgment order also
      
                         found the defendants misappropriated funds through a carbon offset program.
      
      
                              The order finds Ikkurty and the defendants committed all alleged violations of
      
                         the Commodity Exchange Act (CEA) and CFTC regulations, including fraud and
      
                         failure to register. Judge Rowland also found the defendants operated as “a classic
      
                         Ponzi scheme,” including in connection with the defendants’ carbon offset program.
      
                         The CFTC will seek injunctive relief and a civil monetary penalty.
      
      
                              Case Background
      
      
                              The summary judgment order finds Ikkurty recruited participants to his funds
      
                         through webinars and trade shows by promising participants they would earn a steady
      
                         distribution of 15% income per year of supposed “net profits” through investments in
      
                         digital asset commodities such as Bitcoin and Ethereum, and commodity interests.
      
                         Ikkurty touted the purported success of his prior fund to lure new participants to
      
                         invest. Ikkurty assured prospective participants he invested in “stable” digital assets.
      
      
                         Ikkurty also gained participants’ confidence by repeatedly telling stories of his
      
                         personal success investing in and trading digital assets. Few of Ikkurty’s statements
      
                         were true. In reality, per the summary judgment order, Ikkurty did not return any net
      
                         profits to participants, and instead “ran something akin to a Ponzi scheme.” Citing the
      
                         CFTC investigator’s testimony, Judge Rowland found Ikkurty’s marketing materials
      
                         misstated his fund’s historical performance and omitted the fact that the fund fell in
      
                         value by 98.99% over a period of a few months. Also, the order finds Ikkurty invested
      
                         in unstable digital asset commodities, some related to carbon offsets, and his actual
      
                         experience with digital assets consisted of losing his personal Bitcoins to a hack.
      
      
                              Notably, in addition to the misrepresentations, the summary judgment order also
      
                         finds the defendants misappropriated funds through a carbon offset program. The
      
      
      
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