TechFlow news, on January 14, according to crowdfundinsider, the U.S. Commodity Futures Trading Commission (CFTC) announced a default judgment issued by the court against Mosaic Exchange Ltd. and its owner and CEO, Sean Michael. The CFTC initiated an enforcement action alleging a fraudulent digital asset commodity scheme.
The order stems from a lawsuit filed by the CFTC on September 26, 2023. The default judgment holds Mosaic and Michael liable for all violations of CFTC regulations alleged in the complaint, including fraudulently soliciting 18 individuals in the United States and other countries by claiming to offer Bitcoin and other digital asset trading services, while misappropriating customer funds.
The default judgment orders them to pay approximately $468,600 in restitution, $60,980 in disgorgement, and a civil penalty of $660,000.
