US citizen charged for allegedly defrauding 150 investors in a crypto scam

United States Securities Exchange Commission has charged an Ohio citizen for allegedly defrauding over 150 investors in a crypto trading scheme.

US SEC has accused Michael W. Ackerman of Ohio for allegedly defrauding over 150 investors and raising $33 million in violation of anti-fraud provisions for federal securities laws. The SEC filed a complaint in a Federal court on 11th February. The alleged scammer used social media to lure in new investors. 


Ackerman established the firm Q3 Trading Club with two others

Michael W Ackerman and two other established a company named Q3 Trading Club with two others in 2017, which was followed by an investment partnership Q3 I LP, and an affiliated entity, Q3 Holdings, LCC, both in the summer of 2018. Michael and other founders of the company used Facebook to lure in investors via page named “Physicians Dads Group.” 


Alleged fraudster promised extraordinary profits.

The accused Michael Ackerman claimed that an algorithmic trading strategy designed and deployed by him could deliver extraordinary profits. The SEC has alleged that Q3 Trading Club misrepresented that it held as much as $310 million in assets, but in reality, it contained no more than $6 million at any given time. Investors were promised 50% of the account’s profits. The SEC is seeking a permanent injunction against Ackerman, disgorgement plus pre-judgment interest, and a civil penalty.

Jai Pratap
Jai Pratap
A Mass Media Graduate who loves to write. Jai is also a sports enthusiast and a big movie buff. He loves to learn new things.

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