US FTC fines four promoters of dubious cryptocurrency projects

The US Federal Trade Commission (FTC) has reached an agreement with four promoters of suspicious cryptocurrency investing schemes.

Three of the four accused, Thomas Dluca, Eric Pinkston, and Louis Gatto, were involved in managing two referral schemes – the Bitcoin Funding Team and My7Network. These projects falsely promised large returns to participants, as claimed
FTC The fourth operator of the scheme, Scott Chandler, was accused of promoting the Bitcoin Funding Team, as well as another alleged scam called Jetcoin.

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

In addition to monetary fines, all four defendants are prohibited from working, participating or helping others to promote any multi-level marketing program, pyramids or referral schemes.

Cryptocurrency operators and companies are increasingly having to reach an agreement with US regulators to avoid litigation. SimplyVital Health recently settled
SEC case on unregistered sale of tokens for $ 6.3 million

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Recall that the US FTC is not the first time to turn its attention to the work of participants in the cryptocurrency industry. In May, the US FTC filed
to a court for a startup that spent crowdfunding fees on the purchase of BTC.