CFTC Targets 4 For Alleged $100K Multi-Level Crypto Scam

Law360 (September 14, 2020, 8:52 PM EDT) — The U.S. Commodity Futures Trading Commission on Friday filed suit in Texas federal court against a cadre of alleged fraudsters, accusing them of illegally garnering nearly $100,000 from would-be investors in a purported multi-level marketing scheme invoking cryptocurrency.

In its complaint, the CFTC claimed that a quartet of men, Mayco Alexis Maldonado Garcia, Rodrigo Jose Castro Molina, Cesar Castaneda and Joel Castaneda, together held themselves out as running a company called Global Trading Club and convinced 27 victims to give them $989,000 by promising they were “master traders” using robots to trade bitcoin 24 hours a day.

According to the CFTC,…

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