Digitex Futures founder Adam Todd has once again been faced with legal challenges. Unlike the previous time, he has been accused by a U.S. federal court of being in violation of the Bank Secrecy Act by failure to do the crucial AML programs properly.
This follows close on the heels of a $16 million fine imposed for running an incompliant platform and meddling with the price of its main token, which he just received as a punishment for this crime he committed.
By filing the indictment, the US government explained that Todd, who controlled Digitex Futures between 2018 and 2022, without setting open and operating a proper AML program that includes the Know Your Customer (KYC) program willingly, violated laws. Therefore, corrupt practice, as outlined by the generality, left too much room for those, who were involved in money laundering and other illicit activities to take advantage of the loophole.
If Todd is found guilty, he could be a possible felony, the sentence which prison time could be a maximum of five years. This newly warranted indictment just amplifies the existing legal burden for the Digitex’s CEO, who is currently also restricted from trading in any CFTC regulated markets and assigned to pay huge amounts of disgorgement along with civil penalties, which are also connected to the earlier charges involving the CFTC.
Digitex has not yet denied or explained the latest accusations upon the allegations pinpointing the company.
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