Regulators should protect investors and markets. In recent years, unfortunately, we have seen the total failure of regulators. They have failed to provide the emerging crypto segment with a regulatory framework. Previously, regulators could not control the vast fraudulent binary options scene, resulting in hundreds of thousands of victims and an estimated $50 billion in losses. Why the CFTC is withdrawing the fraud complaint against David Cartu is incomprehensible. And a dangerous signal of incompetence!
The CFTC brought fraud charges against the GreyMountain Management (GMM) scheme of the Cartu Brothers – David Cartu, Jonathan Cartu, and Joshua Cartu – and their accomplices in September 2020. It was alleged that the GMM scheme had relieved investors of about $165 million. In March 2023, the CFTC dismissed the complaint against David Cartu without further explanation. In contrast, the fraud claim against Jonathan Cartu and the other defendants is upheld.
This dismissal of the fraud complaint against David Cartu by the CFTC comes even though already last year, the Irish High Court found that David Cartu and Jonathan Cartu, as shadow directors of the Irish-registered GreyMountain Management Ltd, were responsible for the fraud and losses suffered by investors. Just as responsible as the Irish nominee directors Ryan Coates and Liam Grainger.
The court had handed down the verdict based on the lawsuit filed by U.S. investors. How can the U.S. CFTC be dropping the fraud charges against David Cartu despite these well-reasoned rulings by the Irish court?
This sends a fatal signal to scammers: you can buy your way out of regulatory prosecution with a lot of money you previously stole from victims. This motivates scammers. Maybe the CFTC had good reasons (which we doubt), but in any case, it would have to explain itself publicly as an authority. The CFTC, like all financial market regulators, is accountable to the public, the markets, and investors.
The CFTC, in its arrogance and complacency, will not answer. But at least let it know that we are watching.
You are more fair then the legal system? shut the fuck up fucking pieces of shit
Hi there, your comment is much appreciated. We are certainly not above or “more fair” than the legal system. The Irish court said that GMM was a fraud and David and Jonathan Cartu have been the controlling shadow directors. This is the court’s finding and not ours.
Definitely agree, Josh Cartu is scammer and should be in jail. Maybe reason is that knows “some interesting” people behind connected to CFTC.
Both brothers should be in jail. It is clear that he was hiding in Russia during the investigation and now this? Clear corruption.
So, his question “We are more fair”, yes! Because we DO NOT CORRUPT PEOPLE and we want Justice! Not like Josh Cartu and his brother which should be in jail 10x times!
Author of this blog Keep it up! All these scammers should be in jail then should be Justice.
Fun thing is that this idiot THINK that this blog only read people under him not above him!
Definitely agree, Josh Cartu is scammer and should be in jail. Maybe reason is that knows “some interesting” people behind connected to CFTC.
Both brothers should be in jail. It is clear that he was hiding in Russia during the investigation and now this? Clear corruption.
So, his question “We are more fair”, yes! Because we DO NOT CORRUPT PEOPLE and we want Justice! Not like Josh Cartu and his brother which should be in jail 10x times!
Author of this blog Keep it up! All these scammers should be in jail then should be Justice.
Fun thing is that this idiot THINK that this blog only read people under him not above him!