David Smillie and his company ezBtc have been ordered to pay $18.4 million for defrauding cryptocurrency investors. The B.C. Securities Commission found that Smillie took $13 million in assets from clients for personal use, leading to significant losses for investors.
A British Columbia Securities Commission panel has issued an $18.4 million penalty against David Smillie and his company 1081627 B.C. Ltd., operating as ezBtc, for defrauding investors through his cryptocurrency trading platform. Smillie was ordered to repay $10.4 million in ill-gotten gains and an $8 million administrative fine for taking $13 million worth of assets from his clients for personal use.
Between 2016 and 2019, over 2,300 bitcoins and 600 ethers were deposited into ezBtc, resulting in significant financial losses for investors. One customer lost 484 bitcoins due to Smillie's fraudulent actions
CRYPTOCURRENCY SECURITIES COMMISSION FRAUD INVESTORS FINANCIAL PENALTY
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