Florida Men Settle with CFTC Over Multi-Million Dollar Bitcoin Scheme Fraud Charges

The Commodity Futures Trading Commission (CFTC) has settled with two men from Florida who were accused of running a Bitcoin scheme that defrauded investors out of over $5 million in 2018. Randy Craig Levine and Philip Reichenthal were charged with digital asset fraud and have been ordered to pay around $5.4 million in restitution as part of the settlements.

The CFTC has permanently barred both men from trading and registration with the commission. Reichenthal, who posed as an escrow agent using his position as a licensed attorney, promised investors he would buy millions of dollars worth of Bitcoin from Levine, but no Bitcoin was ever traded and investors' funds were never returned.

Bitcoin $115,156.78

-0.26%

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