CFTC Targets Bitcoin Scam: Fraud Charges Filed Against Fake Trading Platform Aipu Ltd.
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The U.S. Commodity Futures Trading Commission (CFTC) has initiated legal proceedings against a fraudulent online commodity trading platform. According to COINOTAG, charges include fraud and misappropriation of customer funds, primarily targeting Asian Americans. Defendants Aipu Ltd., Qian Bai, Lan Bai, Fidefx Investments Ltd., and Chao Li have been named in a civil enforcement lawsuit in the U.S. District Court for the Western District of Washington.
Allegedly, the defendants engaged in a deceptive scheme, fraudulently soliciting at least $3.6 million from 32 investors. The CFTC claims these funds, consisting of both fiat and digital assets, were purportedly for commodity futures and forex trading via leveraged or margin accounts. However, no trading occurred, and the funds were funneled to overseas entities.
The CFTC is actively pursuing restitution for the defrauded customers, the disgorgement of illicit gains, and civil monetary sanctions. Additionally, they seek trading bans and a permanent injunction to prevent further violations of the Commodity Exchange Act (CEA) and CFTC regulations.