Ex-Digitex CEO Adam Todd Pleads Guilty to Anti-Money Laundering Scheme Violation
Summary:
Adam Todd, the ex-CEO of Digitex Futures Exchange, has admitted in federal court to not setting up an Anti-Money Laundering program for the company, thereby breaching the Bank Secrecy Act. Todd, who ran an unregistered futures platform for U.S. customers from 2018 to 2022, may face up to 5 years in prison and a fine of $250,000. No date has been set for his sentence hearing.
Adam Todd, the creator and ex-CEO of Digitex Futures Exchange, has admitted to a federal court that he failed to implement an Anti-Money Laundering scheme for the company. On May 7, the United States Attorney’s Office for the Southern District of Florida announced that Todd confessed to intentionally leading Digitex to breach the Bank Secrecy Act. The former business head was indicted in February. The indictment alleges that from 2018 to 2022, Todd ran a futures platform for American clients without setting up or maintaining Anti-Money Laundering and Know Your Customer frameworks. The U.S. Attorney’s Office states that Todd may receive a maximum of five years in jail and a financial penalty of $250,000. Comparable charges lead to the former CEO of Binance, Changpeng Zhao, pleading guilty in a separate federal jurisdiction in November 2023. In April, Zhao was issued a four-month imprisonment sentence and his report day has yet to be defined. No date has been set for Todd's sentence hearing by the U.S. Attorney’s Office. Todd's LinkedIn account reveals that he resigned from his CEO position at the exchange in October 2022, and since February 2023 has been serving as the head developer at Digitex Games. Additional details on this ongoing story will be provided as they emerge.
Published At
5/8/2024 12:59:50 AM
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