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CFTC Alleges 4 Individuals Defrauded Customers in $1M Bitcoin Trading Scheme

The CFTC alleged four individuals stole close to $1 million from customers by promising returns from a bitcoin trading scheme.

Sep 14, 2020 at 6:32 p.m. UTC
Updated Sep 14, 2021 at 9:55 a.m. UTC

The Commodity Futures Trading Commission (CFTC) charged four individuals with defrauding victims with a bitcoin investment scheme.

  • According to a press release Monday, the CFTC alleged Texas residents Mayco Alexis Maldonado Garcia, Cesar Castaneda and Rodrigo Jose Castro Molina, and Florida resident Joel Castaneda Garcia defrauded 27 individuals through the Global Trading Club, a bitcoin trading business that was said to increase customer deposits.
  • The alleged victims deposited at least $989,000 with the defendants.
  • The defendants posted "misleading trading statements" to indicate the customers had earned "significant amounts of money" from the trading scheme, when in reality they did not, the CFTC said in a legal filing.
  • Customers were unable to withdraw funds.
  • The CFTC is looking for a permanent injunction, penalties and disgorgement.

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