Key Points:
The order, handed down today, exposes Orvidas for his fraudulent activities involving leveraged Bitcoin trading within a commodity pool.
Orvidas stands accused of luring at least four individuals, or “pool participants,” into his scheme, where he made grandiose promises of substantial profits and the safety of their investments.
However, the reality was far from his claims, as he proceeded to lose the majority of their funds through reckless trading. To compound his deceit, Orvidas resorted to false narratives, presenting fictitious spreadsheets and offering excuses to mask the losses.
In the end, these deceitful actions led to pool participants losing over $2 million.
The CFTC‘s order mandates Orvidas to make restitution payments exceeding $2 million and imposes a hefty civil monetary penalty of $500,000. Moreover, it requires Orvidas to halt any further violations of the Commodity Exchange Act.
In a significant move, the order also imposes a 10-year ban on Orvidas’s registration and trading activities.
Orvidas’ fraudulent activities unfolded between October 2017 and July 2020. During this period, he deceived investors by misrepresenting his trading abilities, fabricating profits, and making false claims about the safety of their investments.
As Coincu reported, Michael and Amanda Griffis, proprietors of a real estate business in Clarksville, Tennessee, were also the subject of a complaint from the CFTC on July 25 for allegedly defrauding more than 100 persons in a scheme involving a digital assets commodity pool.
DISCLAIMER: The information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.
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