Odaily News The U.S. CFTC recently announced charges of fraud and misappropriation of funds against a fake commodity trading platform that is an "online scam targeting Asian Americans." Specifically, the CFTC has taken legal action against Aipu Ltd., Qian Bai, Lan Bai, Fidefx Investments Ltd., and Chao Li, filing a civil enforcement action in the U.S. District Court for the Western District of Washington. The defendants are suspected of "fraudulently soliciting and misappropriating at least $3.6 million from at least 32 customers as part of a fraudulent investment scheme." The CFTC said the scheme solicited funds from customers, including fiat currency and digital assets, to trade commodity futures and foreign exchange contracts. The defendants falsely stated that these assets would be traded through leveraged or margin accounts. However, no transactions occurred and funds were transferred to overseas entities. The regulator is seeking multiple forms of relief, "The CFTC seeks to compensate defrauded customers, confiscate ill-gotten gains, and impose civil penalties, trading bans, and permanent injunctions against further violations of the Commodity Exchange Act (CEA) and CFTC regulations." (Bitcoin.com)