US CFTC orders former CEO of Voyager to pay $750,000 to fraudulent customers

PANews September 16th news, according to Bloomberg, the U.S. Commodity Futures Trading Commission (CFTC) issued a statement on Monday saying that Stephen Ehrlich, co-founder and former head of bankrupt crypto lending platform Voyager Digital Ltd., must pay $750,000 to fraudulent customers. According to the New York federal court consent order, Ehrlich did not acknowledge or denies the charges, and was banned from engaging in commodity trading for three years, and was subject to other restrictions. Charles Marvine, acting director of CFTC, said that the settlement highlights its important role in the field of digital assets, and compensation for victims and limiting defendants' ability to harm in the future is his core mission. In October 2023, the CFTC sued Ehrlich and Voyager, accusing it of fraudulent operation of digital asset platforms, misleading customers as a "safe harbor" and attracting customers with high returns, but lending billions of dollars in customer assets to high-risk third parties. Ehrlich said at the time that he was "angry and disappointed" with the charges. Ehrlich had settled a settlement on the Federal Trade Commission (FTC) allegations of false statements.