(Financial News) Several US regulators, as well as the New York prosecutor’s office, accuse the operators of Q3 Trading Club and Q3 I LP of tricking 150 investors into gaining illegal income of $33 million.

The U.S. Securities and Exchange Commission (SEC), the Commodity Futures Trading Commission (CFTC), and the U.S. Southern District of New York Office accused Ohio resident Michael Ackerman and two of his unnamed business partners of fraud.

According to SEC, Akerman and his business partners managed the Q3 Trading Club and Q3 I LP and received $33 million from 150 defrauded investors. Fraudsters lured people into their scheme, many of whom are engaged in medicine, and offered extraordinary profits as part of a cryptocurrency trading scheme.

Ackerman forged the data provided to investors and claimed his operations were profitable

US Department of Homeland Security Special Investigation Agent Peter Fitzhugh said in a statement that Ackerman forged the data provided to investors and claimed his operations were profitable.

“He allegedly forged documents provided by investors. They claimed that his fund managed $315 million in cryptocurrencies, while in reality it had less than $500,000, ”said Fitzhugh.

According to the SEC, Q3 never had more than $6 million in its trading account, and Akerman used $7.5 million of investor funds for personal purposes. He bought expensive jewelry and purchased several cars, and also hired bodyguards and renovated the house.

Eric Bustillo, director of SEC’s Miami regional office, said in a statement that Ackerman attracted investors, many of whom are in the medical profession, and convinced them that his algorithmic trading strategy would bring big profits.

“Ackerman took advantage of the public’s interest in digital assets to earn millions of dollars for personal use,” Bustillo said.

The SEC wants to obtain a permanent injunction and seek the seizure of all funds received from illegal transactions, as well as a fine. New York City Attorneys Charged with Electronic Fraud and Money Laundering. Each of these charges may result in imprisonment of up to 20 years.

Recall that last month, the SEC accused Opporty of illegally conducting an ICO for $600,000.