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CFTC Charges 2 Men With Running a $44M Crypto Ponzi Scheme

Officials with the Commodity Futures Trading Commission (CFTC) allege Sam Ikkurty (also known as Sreenivas I Rao), of Portland, Oregon, and Ravishankar Avadhanam of Aurora, Illinois, as well as several corporate entities controlled by the defendants, worked together to convince their victims to invest in a “so-called income fund invested in digital assets.”