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2018-01-19 — investing.com

The U.S. derivatives watchdog said on Friday that it has filed charges against three separate virtual currency operators alleging the defendants had defrauded customers and broken other commodity trading rules, in a further sign regulators globally are cracking down on the emerging asset class.

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The CFTC charged New York resident Patrick McDonnell and his company CabbageTech with stealing money from customers that he had solicited for providing virtual-currency trading and other services.

In the second case the CFTC alleged Dillon Michael Dean of Colorado and his UK-registered company Entrepreneurs Headquarters Ltd operated a Ponzi scheme in which he solicited $1.1 million in bitcoin from more than 600 investors, promising them that their cash would be pooled and invested.

Not that there aren't sketchy crypto schemes out there, and outright scams -- but we all know the regulators have to "take some scalps" to quell public concern about "bubbles" (not in the stock or real estate markets, of course), as well as for "allowing" any crypto financial products in the first place...

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