Posted 10/13/2023, 4:55:44 PM
U.S. Regulators File Fraud Lawsuits Against Voyager Co-Founder Over Collapse That Cost Customers $1.7 Billion
- FTC and CFTC file parallel lawsuits against Voyager co-founder Stephen Ehrlich for fraud.
- Ehrlich falsely claimed Voyager accounts were FDIC insured and assets were safe despite looming bankruptcy.
- FTC alleges Ehrlich violated laws prohibiting deceptive practices and obtaining customer financial info fraudulently.
- CFTC charges Ehrlich with fraud, misrepresentation, and failure to register as associated person of a commodity pool operator.
- Voyager collapse resulted in over $1.7 billion in customer losses when it went bankrupt in July 2022.