The U.S. Commodity Futures Trading Commission (CFTC) filed a case against Sam Ikkurty, Ravishankar Avadhanam, and Jafia LLC for civil violations of the Commodity Exchange Act (CEA), specifically involving cryptocurrency investments. The court granted the CFTC’s motion for summary judgment on Monday, finding that the defendants misrepresented the performance of their crypto funds, operated a scheme akin to a Ponzi scheme by redistributing participant funds instead of paying net profits, and falsely claimed investment expertise and methodologies. Ikkurty solicited millions for investment in what he termed “crypto hedge funds” without proper registration as Commodity Pool Operators (CPOs) and engaged in fraudulent activities. The court ordered restitution of $83,757,249 and disgorgement of $36,967,285, which also applied to relief defendants.

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