CFTC seeks entry of default in opposition to people behind Icomtech crypto rip-off

The Commodity Futures Buying and selling Fee (CFTC) is in search of entry of default in opposition to the people behind fraudulent digital asset buying and selling scheme Icomtech.

The related request has been filed by the regulator with the California Central District Courtroom.

The CFTC requests that the Clerk of Courtroom enter default on this motion pursuant to Federal Rule of Civil Process 55(a) in opposition to Defendants David Brend, Moses Valdez, Marco A. Ruiz Ochoa, and Juan Arellano Parra, on grounds that the defendants had been duly served with the Summons and Criticism on this motion however have failed to seem or plead inside the time prescribed by the Federal Guidelines of Civil Process.

Let’s notice that the entry of default is a proper step in lots of lawsuits. It’s normally adopted by default judgment which stipulates the penalties to be imposed on the defendants.

The CFTC grievance costs the defendants with fraudulently soliciting a whole lot of hundreds of {dollars} from greater than 170 people within the U.S. and different international locations for Icomtech to supposedly commerce bitcoin and different digital asset commodities for them, and for misappropriating buyer funds. The grievance alleges the defendants’ fraud and misappropriation scheme predominately focused Spanish-speaking communities.

In its persevering with litigation in opposition to the defendants, the CFTC seeks restitution, disgorgement, civil financial penalties, everlasting buying and selling and registration bans, and a everlasting injunction in opposition to additional violations of the Commodity Change Act (CEA) and CFTC laws, as charged.