CFTC Commissioner calls Mosaic exchange scheme a 'sham' and 'virtual house of cards.'
CFTC Commissioner calls Mosaic exchange scheme a ‘sham’ and ‘virtual house of cards.’
The Commodity Futures Trading Commission filed a civil enforcement action in the US District Court for the Southern District of Florida against Pennsylvania-headquartered Mosaic Exchange Limited, along with its owner and Chief Executive Officer Sean Michael, for operating a fraudulent digital asset commodity scheme.
Another false claim was that Mosaic consistently achieved high-profit margins, ranging from 20% to 60% per month and sometimes even exceeding 50%, implying that it was a highly profitable investment opportunity. In reality, the CFTC states that Mosaic did not possess the substantial assets under management as advertised, suggesting that it was not as financially robust as claimed. Contrary to the representation of an 82% accurate trading algorithm, Mosaic was found to have incurred losses while trading for its customers, undermining the trust and credibility of the platform.
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