CFTC Charges 2 Men With Running a $44M Crypto Ponzi Scheme

Officials with the Commodity Futures Trading Commission (CFTC) allege Sam Ikkurty (also known as Sreenivas I Rao), of Portland, Ore., and Ravishankar Avadhanam of Aurora, Ill., as well as several corporate entities controlled by the defendants, worked together to convince their victims to invest in a “so-called income fund invested in digital assets.”