CFTC filed suit against Global Trading Club scammers on allegations of using various tricks to steal money from investors
Commodity Futures Trading Commission (CFTC) has filed a lawsuit against the scammers of Global Trading Club, including Mayco Alexis Maldonado Garcia, Cesar Castaneda, Rodrigo Jose Castro Molina, and Joel Castaneda Garcia on allegations of using various tricks to steal money from investors.
CFTC has filed suit against Global Trading Club scammers
As per the CFTC’s complaint, Global Trading Club was run by Mayco Alexis Maldonado Garcia, aka Mayco Maldonado and Mike Maldonado, a resident of Texas; Cesar Castaneda, aka Cesar Castaneda Garcia, a resident of Texas; Joel Castaneda Garcia, a resident of Florida; and Rodrigo Jose Castro Molina, aka Rodrigo Castro, Jose Molina and Jose Castro, a resident of Texas. Cesar Castaneda and Joel Castaneda Garcia are brothers.
Global Trading Club is an MLM Ponzi scheme that was launched in 2016. The tricks used to steal people’s money are cryptocurrency trading bots.
According to the complaint, Ponzi scheme hired master traders who had years of experience trading cryptocurrency and used cutting edge trading robots to trade Bitcoin for customers 24 hours a day, 7 days a week. However, there are no master traders here and they have not created any trading bots.
According to the CFTC’s allegations, Global Trading Club defrauded at least 27 investors out of nearly $ 1 million. In particular, the project mainly defrauded Japanese investors. However, the CFTC’s complaint notes that the Ponzi scheme also targets Spanish and Korean investors.
At the end of 2017, the Global Trading Club was on the verge of collapse, making its administrators a fugitive. One or more defendants responded with purported explanations regarding why the money could not be withdrawn, including that the web site and/or smartphone app was experiencing technical problems. Eventually, the defendants stopped responding to customers.
The CFTC has sued the defendants of the Ponzi scheme on a fraud crime. The regulator is looking for punishment, destroying at least $ 989,000, the victim has to pay a civil monetary penalty and legal fees.
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