The US Commodity Futures Trading Commission (CFTC) has won a major legal victory against fraudulent crypto investor Abner Alejandro Tinoco and his company, Kikit & Mess Investments, LLC, after a three-year battle.
In October 2021, the CFTC accused Tinoco and his firm of misappropriating over $3.9 million from 61 clients. Starting in September 2020, Tinoco falsely claimed Kikit managed investment portfolios through forex and cryptocurrency trading.
Investigations revealed he used client funds for personal luxuries, including a private jet and real estate, and ran a Ponzi scheme with new investor funds.
The CFTC obtained a court order to freeze Tinoco’s assets and, in March 2022, secured a permanent injunction banning the defendants from CFTC-regulated markets.
On July 26, 2024, US Judge David C. Guaderrama ordered Tinoco and his company to pay over $31 million in fines, including $6.20 million in compensation to 199 victims and an $18.7 million civil monetary penalty.
Tinoco is currently serving an 84-month sentence in Arizona for wire fraud and was also ordered to pay $9.02 million in restitution to victims.
Image Credit: Pixabay
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