Utah man settles with CFTC, will pay $2.5M over bitcoin pool scheme

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By BitcoinWiki News

Key Takeaways:

– Jacob Orvidas, a Utah man, solicited investors in a $2 million bitcoin commodity pool scheme.
– He made false promises to investors through fake spreadsheets and lied about why he couldn’t pay out when he lost almost all the funds.
– Orvidas settled with the Commodity Futures Trading Commission (CFTC) and will pay $2 million back to investors, plus a $500,000 monetary penalty.
– He is facing a 10-year registration and trading ban.
– Orvidas allegedly solicited four people to trade leveraged bitcoin in a commodity pool, promising equal proportionate profits based on each investor’s contribution.
– He provided false information about another client’s profits and made derogatory comments about crypto trading.
– Orvidas settled with the Securities and Exchange Commission (SEC) on securities law violations.
– The CFTC and SEC collaborated on the case.
– The CFTC emphasized the importance of protecting ordinary people from fraud in digital assets.
– CFTC Commissioner Christy Goldsmith Romero warned investors about fraud in the crypto space and provided tips for avoiding scams.
– This article is informational and not intended as legal, tax, investment, financial, or other advice.


Jacob Orvidas, a man from Utah, has settled with the Commodity Futures Trading Commission (CFTC) after being accused of soliciting investors in a $2 million bitcoin commodity pool scheme. The CFTC alleges that Orvidas made false promises to investors using fake spreadsheets and lied about his inability to pay out when he lost the majority of the funds. As part of the settlement, Orvidas will pay $2 million back to investors and a $500,000 monetary penalty. He will also face a 10-year registration and trading ban. Orvidas admitted to most of the factual findings and legal conclusions, but disputed the amount of restitution owed to the investors. The Securities and Exchange Commission (SEC) also settled with Orvidas on securities law violations. The CFTC emphasized the importance of protecting ordinary people in the digital asset market and warned investors about fraud in the crypto space, advising them to check registration status and be wary of “too good to be true” profit claims.

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