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The US FTC has fined the promoters of dubious cryptocurrency projects


The Federal trade Commission (FTC) has reached agreements with four promoters suspicious schemes investing in cryptocurrencies.

Three of the four defendants — Thomas Deluca (Thomas Dluca), Eric Pinkston (Eric Pinkston) and Louis Gatto (Gatto Louis) were involved in the management of the two referral schemes — Bitcoin Funding Team and My7Network. These projects falsely promised participants large profits, as argued by the FTC. The fourth scheme operator Scott Chandler (Scott Chandler) was charged with the promotion of Bitcoin Funding Team, as well as another purported Scam under the name of Jetcoin.

Within reached this week agreement Dluca will pay $453 932, Chandler — $31 000 and Pinkston will pay only $29 491 of the total fine of $461 035 due to their inability to pay the full amount.

In addition to monetary penalties, all the four accused were not allowed to work, participate or assist others in promoting any multi-level marketing programs, pyramid or referral schemes.

Operators of cryptocurrency schemes and companies increasingly have to reach an agreement with US regulators to avoid litigation. SimplyVital Health recently settled with the SEC in the case of unregistered sale of tokens for $6.3 million.

Recall that the FTC, the U.S. is not the first time drew attention to the work of the participants of the cryptocurrency industry. In may the FTC of the USA has filed a lawsuit against a startup, who spent training camp with crowdfunding to purchase BTC.

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