The CFTC says the defendants’ representations were false because Vista never traded customer assets and did not even have a trading program capable of generating the promised returns.
Gretchen Lowe, Acting Director for Enforcement of the CFTC, said:
This is an example of our commitment to continue using all the tools we have at our disposal to hold criminals accountable in the digital assets space.
It is just one more example of the CFTC’s efforts to protect retail customers from fraud related to digital asset commodities.”
Vista’s funds are being reclaimed by the CFTF. The CFTF will also seek to impose civil monetary sanctions, trading and registration bans, as well as a permanent injunction for any further violations of the Commodity exchange Act and CFTC regulations.
LeapRate first published the article Vista Network Technologies and CEO charged by CFTC in Ponzi-Like Scheme.