Peter Kambolin, the former CEO of Systematic Alpha Management LLC, has pleaded guilty to charges involving a “cherry-picking scheme” with crypto futures contracts. Prosecutors allege Kambolin allocated profits and losses from futures trades to benefit his own accounts at the expense of clients. He defrauded US and foreign investors by depriving them of profitable trades, using proceeds for personal expenses, and transferring funds to foreign accounts in Belarus and Dominica. Kambolin faces up to five years in prison for conspiracy to commit commodities fraud. Prosecutors called the charges a first of their kind.
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