Former CEO of Miami-Based Investment Firm Charged by DOJ for ‘Cherry-Picking’ Scheme in Crypto Futures

The United States Department of Justice (DOJ) has filed charges against the former CEO of a Miami-based investment firm, who has pleaded guilty to conspiring to commit commodities fraud involving cryptocurrency futures contracts. Peter Kambolin, the ex-CEO of Systematic Alpha Management (SAM) LLC, now faces a potential prison sentence of up to five years.

In an official statement released on October 12, the DOJ revealed that Peter Kambolin had orchestrated a “cherry-picking” scheme. Under this scheme, he promoted his firm as a provider of algorithmic trading strategies, encompassing futures contracts for both cryptocurrencies and commodities.