May 13 The U.S. Securities and Exchange Commission on Wednesday announced fraud charges and an asset freeze against a Connecticut venture capital executive previously charged with insider trading, and now accused of cheating his own clients out of tens of millions of dollars.
Iftikar Ahmed, 43, was accused of transferring $27.5 million to himself at the expense of investors in funds run by his former employer, Oak Investment Partners, where he had been a general partner.
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U.S. District Judge Janet Bond Arterton in New Haven, Connecticut froze as much as $55.1 million of Ahmed's assets last week. Her order was made public on Wednesday. The SEC wants Ahmed to give up illegal gains and pay a civil fine.
Source:
http://www.reuters.com/article/2015/05/13/sec-ahmed-fraud-idUSL1N0Y428P20150513
An emergency court order has frozen $55 million in assets. Iftikar Ahmed,
(by not probably an ex) Circle's board member has previously been charged with
insider trading. This is definitely not good news for bitcoin's image to the public. Circle is one the most widely advertised bitcoin ventures. Coming to the realisation that fraudulent activities are going on even in the biggest of the bitcoin businesses is definitely harsh.
