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Investing.com -- Former Voyager Digital CEO Stephen Ehrlich will pay $2.8 million to settle charges from the U.S. Federal Trade Commission (FTC) related to misleading consumers.
The settlement also includes a ban that prevents Ehrlich from marketing or selling retail products or services used for cryptocurrency transactions, including buying, selling, depositing, or trading.
According to the FTC, Ehrlich claimed that consumer deposits on the crypto platform were insured by the Federal Deposit Insurance Corporation (FDIC). When Voyager Digital failed, consumers lost more than $1 billion in cryptocurrency.
The FTC brought the charges against both Ehrlich and Voyager Digital for allegedly misleading consumers about the safety of their crypto assets on the platform.
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