Global Exchange: The U.S. Commodity Futures Trading Commission (CFTC) has announced a civil enforcement action against David Gilbert Saffron and his company based in Nevada.
CFTC has filed a lawsuit for “fraudulent solicitation, misappropriation, and registration violations relating to an $11 million binary options scheme Saffron operated through Circle Society.”
Nevada District Court has decided to freeze the assets of Saffron and Circle Society immediately, where the company is based. The CFTC lawsuit claims that since December 2017 Saffron has been running a Ponzi scheme.
CFTC Chairman Heath P. Tarbert said;
“Fraudulent schemes, like that alleged in this case, not only cheat innocent people out of their hard-earned money, but they threaten to undermine the responsible development of these new and innovative markets. America must be a leader in this space, and we will only succeed if these markets have integrity.”
Ponzi Scheme
According to the lawsuit, the defendants, misleadingly obtained funds from 14 participants to engage in a pool run by the Circle Society, by boasting regarding return rates of up to 300 percent.
It is claimed that Saffron diverted the funds in the way of a Ponzi scheme to his own cryptocurrency wallet and to reward some participants.
The CFTC warns claimants that restitution proceedings may not contribute to the recovery of lost money because of insufficient funds or assets may be available.
Global Exchange: Deutsche Bank has been added to the blockchain-based payment project by JPMorgan as its recent member.
The latest addition to JP Morgan’s Crypto Payment Network is Deutsche Bank.The total number of banks registered for the Interbank Information Network (IIN) has now risen to 320 according to an FT report.
Quorum, the banking giant's Ethereum-based blockchain network, is what IIN is built on, and uses a JPM Coin stablecoin.JPMorgan said the platform would decrease the delays in interbank payments by reducing time and expenses.In June, IIN saw the start of remittance trials with JPMorgan's client banks.According to Nvestweekly, JPMorgan is used by the majority of member banks to process USD payments.
Deutsche Bank, however, is ranked number one in clearing euro-denominated payments globally.Takis Georgakopoulos, JPMorgan's managing director of treasury services said since IIN would have "very big natural limitations" if IIN employees were drawn only from the bank's customer pool, the addition of Deutsche Bank "is going to help us drive towards ubiquity.
"Ole Matthiessen, Head of Deutsche Bank said that IIN brings efficiencies by writing all the payment data into a shared ledger, enabling payment issues to be solved faster, and with less manual processes.According to him, joining IIN is "an important step" in reducing the expenses of Deutsche Bank, which will enable it to deliver better services to customers.He also added that the plan of IIN to have 400 members is on track by the end of 2019 and that other major banking members are likely to be announced shortly.
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