CFTC Imposes $429 Mln Fine On U.K. Based Money Launderer.

CFTC Imposes $429 Mln Fine On U.K. Based Money Launderer.

2020-08-21 | Mike Hallen

CFTC Imposes $429 Mln Fine On U.K. Based Money Launderer.

Within the ongoing case of U.K-based Control-Finance and its AWOL operator Benjamin Reynolds, the U.S. CFTC [Commodity Futures Trading Commission] asked the court to order Reynolds pay nearly half a billion dollars as penalty.

The lawsuit began earlier in June last year, and the CFTC has been unsuccessful in its attempts to locate Reynolds. The commission alleges that Reynolds laundered over 22,858 Bitcoin [BTC] from May to October of 2017 - by their estimates worth $147 Mln at the reporting time, but as of press time valued at $269 Mln.

The CFTC’s proposed judgment asks for $429 - nearly 3x times their estimate of Reynolds’ BTC take:

“Defendant shall pay a civil monetary penalty within the amount of four hundred twenty nine million dollars [$429,000,000] [“CMP Obligation”]. If the CMP Obligation isn't paid immediately, then post judgment interest shall accrue on the CMP Obligation beginning on the date of entry of this Order.”

The proposed judgment could also be an attempt to scare Reynolds out of hiding. The CFTC initially requested default judgement against him earlier in April, admitting that they had no luck tracking him down.

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