Commodity Futures Trading Commission has just slammed a $429 million lawsuit against Control Finance Operator.
The Commission is still very much interested in making sure the founder of the alleged Ponzi scheme, Benjamin Reynolds, is brought to justice.
Even though the owner of Control Finance Operator is presently nowhere to be found, the United Kingdom regulatory body is still prepared to carry on with the case.
At the beginning of this week, CFTC prayed a court to grant a new penalty of $429 million against Reynolds. This is coming after Reynolds has refused to show up for questioning at all the time he was invited much to the frustration of the authority.
Control Finance Operator yet to honor court invitations
In a case that has lingered since last year, Control Finance Operator was said to have laundered about 22,858 Bitcoin which belonged to investors. At the time, the total Bitcoin was valued to be worth around $147 million and has been in the custody of the entity since 2017.
An official complaint letter was filed by the CFTC where it noted that Reynolds cajoled his victims into depositing Bitcoin to double them when he trades on their behalf. The UK watchdog said all hell broke loose after it was discovered that Reynolds was using a victim’s money to pay another victim.
Rumors say Control Finance Operator lives in South Korea
When Reynolds’ deceit was discovered, the site was pulled down, and everything about the Control Finance platform was erased in September 2017.
Despite calls and promises that it was going to keep to its promise of paying investors back, the firm has failed to keep that promise. As a result of the site getting pulled down, Control Finance Operator, Reynolds, and a host of other executives of the outfit fell off the grid.
Despite attempts to reach Reynolds, he has been nowhere to be found since then. The previous summon that was sent to Reynolds was futile as his registered address had no one living there which has prompted talks of him living in South Korea.