Digitex CEO ordered to pay more than $15 million over CFTC charges
Quick Take
- The CFTC first charged Adam Todd and his exchange last year after finding it attempted to manipulate the price of its native token, DGTX, and said it failed to register with the agency.
- A federal judge ordered a ban on Todd and four of his companies, according to a statement on Wednesday from the CFTC.
A federal court ordered digital asset exchange Digitex Futures and its founder and CEO Adam Todd to pay more than $15 million after a U.S. regulator said they violated its rules on manipulation and registration.
The Commodity Futures Trading Commission first charged Todd and his exchange last year, after finding it attempted to manipulate the price of its native DGTX token and said it failed to register with the agency.
“This order resolves yet another action against an individual and digital asset exchange illegally offering futures contracts to U.S. customers,” Division of Enforcement Director Ian McGinley said in a statement on Wednesday.
A judge in the U.S. District Court for the Southern District of Florida also ordered a ban on Todd and his companies — Digitex LLC, Digitex Limited, Digitex Software Limited and Blockster Holdings Limited Corporation.
CFTC cautions investors
The CFTC issued a warning to investors in its statement.
“The CFTC cautions that orders requiring payment of funds to victims may not result in the recovery of any money lost because wrongdoers may not have sufficient funds or assets," it said. "The CFTC will continue to fight vigorously for the protection of customers and to ensure the wrongdoers are held accountable,” the agency said.
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