The CEO of a cryptocurrency futures trading platform found himself on the wrong side of the law Monday when federal prosecutors charged him with failing to uphold anti-money laundering laws. Adam Colin Todd, who helms the Digitex Futures Exchange, stands accused of deliberately neglecting to put in place a program that could sniff out money laundering on his platform, as required by the Bank Secrecy Act.
Todd's legal trouble stems from the period between January 2018 and April 2022, during which he allegedly operated Digitex Futures as an unregistered futures commission merchant in the USA. The indictment claims Todd, sold and offered futures contracts to customers through Digitex Futures, while, publicly boasting about his refusal to introduce mandatory know-your-customer policies.
Following his indictment, Todd made his first court appearance in Miami. Should a conviction follow, he could face up to five years behind bars. The sentence, however, will be at the discretion of a federal district court judge who will consider various guidelines and factors.
The charges were announced by U.S. Attorney Markenzy Lapointe for the Southern District of Florida, and FBI Special Agent in Charge Jeffrey B. Veltri. As the Department of Justice's statement details the FBI Miami's role in the investigation of the case, which is being prosecuted by Assistant U.S. Attorney Trevor Jones.
All defendants in the American justice system carry the presumption of innocence unless, and until proven guilty beyond reasonable doubt in a court of law. The DOJ has reminded the public that the indictment remains an allegation until such a verdict is reached.
For those seeking more information on the case, related documents can be found on the website of the District Court for the Southern District of Florida or the Public Access to Court Electronic Records service, under case number 23-cr-20478.
