USA: Declaring bankruptcy will not save the famous cryptocurrency fraudster

USA: Declaring bankruptcy will not save the famous cryptocurrency fraudster

Patrick McDonnell, the face behind fraudulent cryptocurrency scheme CabbageTech, Corp. aka Coin Drop Markets (CDM), tried to stop initiated against him in the trial, declaring himself bankrupt. However, such a step to anything it failed.

According to the latest report, the Respondent reported in the Eastern district court of new York that filed a petition for voluntary bankruptcy. One of the ideas behind this step is to get legal “buns” and concessions, guaranteed by the bankrupt parties. But the Commission on trade commodity futures (CFTC) have not agreed to this development.

In a letter filed in court Tuesday, the CFTC argued that the recognition of bankruptcy should have no impact on the course of this case:

“In particular, in some cases, the law specifically excludes bankruptcy as the reason for the termination of litigation, including the actions of Federal agencies such as the CFTC having regulatory authority,” — said the regulator.

The court agreed and, despite the confession of the accused in bankruptcy, the trial continues. Moreover, Mr. McDonnell must personally attend the meetings.

McDonnell and his company CabbageTech are accused of misappropriation of digital assets of clients who McDonnell as critobulus investment guaranteed profit up to 300%, but after sending the funds to the specified address disappeared.

Last week, the alleged fraudster filed a counter-complaint against the CFTC. McDonnell does not agree with the accusations made by the CFTC, and insisted that virtual currencies are not goods, and therefore the CFTC has no right to take coercive measures against him.

In response to the complaint, McDonnell complained that the CFTC “is financially and politically motivated and the charges against him trumped with the aim to provide a regulatory framework United States associated with the cryptocurrency markets”. Patrick also States that “the Chicago Mercantile exchange (“CME”) was financially motivated, and has therefore joined this cause.”

In conclusion, McDonnell added that he became ” pawns in a larger game, which is much more global than the “so-called” fraud or misappropriation of investor funds. We are talking about total control over the Bitcoin that has become a real threat to global financial systems”.

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