SEC charges Ohio-based man with $33 million crypto scam

[mlawson71]

Charges have been filed by the US Securities and Exchange Commission (SEC) against a Michael W. Ackerman for defrauding 150 people out of $33 million as part of his cryptocurrency scam scheme.

According to the charges, Ackerman, who has a business in the state of Ohio, together with his accomplices, one of whom is a physician, largely targeted fellow physician for their scam between August 2017 to at least December 2019. Their victims invested in two entities founded by Ackerman called 3 Trading Club and Q3 I LP, believing that Ackerman generated extraordinary profits from his algorithmic trading strategy. Meanwhile Ackerman just took advantage of the rising popularity of cryptocurrencies to get rich and to spend those money on luxuries for himself.
Source
This type of scam is relatively popular unfortunately and it will get even more popular as cryptos gain mainstream recognition.