TechFlow reports that the U.S. Commodity Futures Trading Commission (CFTC) has filed a lawsuit in the U.S. District Court for the Middle District of Florida against four individuals and their unincorporated entity, Fundsz, alleging fraudulent solicitation of cryptocurrency and precious metals trading.
According to the complaint, beginning in October 2022, Fundsz claimed it had historically generated over 3% weekly returns using a so-called "proprietary algorithm" and a "secret weapon" for trading cryptocurrencies and precious metals, thereby soliciting participants. The CFTC alleges that investors were promised a one-time $2,500 investment would grow to $1 million within four years. The CFTC further claims that Fundsz did not actually trade customer funds and reported fictitious weekly returns to clients.
