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Former NYSE Broker Fined $54M for Crypto Fraud Scheme

• Former NYSE broker Michael Ackerman defrauded some 150 investors of $33 million in a digital asset trading scheme.
• He has been ordered to pay $54 million in damages and penalties by a federal court.
• The Commodity Futures Trading Commission (CFTC) banned Ackerman from any markets supervised by the watchdog.

Former NYSE Broker to Pay $54M to Settle CFTC Crypto Fraud Charges

Michael Ackerman pleaded guilty in 2021 to accusations that he defrauded some 150 investors for $33 million in a digital asset trading scheme.

Court Order Closes CFTC Enforcement Case Against Ackerman

The final order, signed on June 13, closes the CFTC enforcement case against Ackerman, the regulator said in its announcement. “It also requires him to pay $27 million in restitution to defrauded victims and a $27 million civil monetary penalty in connection with a fraudulent digital asset trading scheme,” the notice said.

Ackerman Pleads Guilty To Running Crypto Scheme

Ackerman initially pleaded not guilty to running the scheme, but changed his plea in September 2021. He was charged with defrauding some 150 investors and raising $33 million by promising “extraordinary profits.”

Ban From Markets Supervised By CFTC Issued

A judge at the Southern District of New York court ordered Ackerman banned from trading any markets supervised by the Commodity Futures Trading Commission (CFTC). This ban is part of the settlement reached between Ackerman and the U.S watch dog which includes paying penalties and damages amounting up to $54 million dollars.


This article outlines how former NYSE broker Michael Ackerman plead guilty for operating a fraudulent crypto trading scheme resulting in him being ordered to pay fines and restitution totaling up-to 54$ Million dollars as well as being banned from all markets supervised by CFTC watchdog.