Russian national, Peter Kambolin, was late last week jailed for two years in the United States for defrauding investors involving crypto currency and transferring his illegally-obtained proceeds to bank accounts overseas including Dominica.
This is according to a United States Department of Justice (DOJ) statement that said Kambolin, who is also a US national living in Florida, using a method of crypto scamming called “cherry-picking” to defraud his clients.
In crypto circles, cherry-picking is a fraudulent scheme where an individual executes trades without attributing those trades to a particular trading account. According to the DOJ, Kamplin used that method to falsely misappropriate favorable trades to himself and then dumped losses on his customers.
“Kambolin defrauded investors located in the United States and abroad by, among other things, depriving them of profitable trades,” the statement said.
It said he used the proceeds of his illegal scheme “to fund personal expenses, including rent for a beachfront apartment, and transferred proceeds to foreign bank accounts his co-conspirator controlled in Belarus and Dominica.”
The DOJ said that Kambolin used his company, Systematic Alpha Management (SAM), for operating the US$1.6 million scam.
“Established in 2007, by 2011, SAM had more than $720 million in assets under management,” it said.
“Between January 2019 and November 2021, Kambolin, who at the time was a commodity trading advisor and a commodity pool operator, engaged in a cherry-picking scheme in which he fraudulently allocated profits and losses from futures trades in a manner designed to benefit his own accounts unfairly at the expense of his clients. Kambolin also misrepresented to his clients that SAM employed trading strategies focused on cryptocurrency futures contracts and foreign exchange futures contracts, when in reality, approximately half of Kambolin’s trading in each pool involved equity index futures contracts.”
The scam came to light following investigations by the DOJ’s Criminal Division and the Federal Deposit Insurance Corporation Office of Inspector General (FDIC-OIG).
On October 11, 2023, Kampolin pleaded guilty to one count of conspiracy to commit commodities fraud.
Back then, Assistant Inspector General for Investigations at the DOJ, Shimon Richmond, said the guilty plea “recognizes the importance of holding the defendant accountable for his actions in misleading and defrauding investors through a cherry-picking scheme, and using proceeds from the scheme to fund his own personal lifestyle.”
In its statement, the DOJ did not reveal which bank in Dominica Kamplin transferred his illegally-gained funds to.
I’m calling for an immediate end to the CBI Program, which was unfortunately started back in 1993. Let foreigners apply for visas like it is done in many other countries. Implement a vigorous background check policy before approving such visas. Let us protect Dominique. End the CBI Program!
Another hard slap for ma Domnic, all u doh tired abuse ma Domnic…
Dominicans ask skerrit in which bank the russian put the money ,when people on the out side world tell you all what happening in dominica the first thing you hear the labor rite say is lie all you lieing, if there were any international bank in dominica the russian could not have put any money in any bank in dominica, the feds would have seen that transaction.
Skerrit is such an idiot he thought when he get rid of all the international banks he thought they would not be able to trace the money , what a fool ,thats what you call karma 360,these guys have to go now, that is too much meat no these guys Dominicans wake up.
@JAH KAL
He is a Russian /American…Didn’t you read that? And stop your hatred and ignorance of the state of Russia. Typical backward mentality. You sound brainwashed about Russia. Its a great country, with a great leader.
Sttttuuuupppppeeeeeesssss!
lol did you just say Russia has a great leader? This is satire right?
Crooks, criminals and fraudsters have been the hallmark of this PM Skerritt led Dominica Labour party and we all know that! What else is new!? Dominica bank account for laundering his criminal earnings, he may even hold a Dominican passport? Let us wait to hear who is the Dominican associate on this deal!? It can only be a top Labour party person! Welcome to the new Dominica, we like it so, with a little bit of free government provided sewo, ham and turkey, and please do not forget my cool-out and red-clinic! Still waiting for the certificate of title for my free house.
Good to see that crypto traders in America are protected.
We need more information about cryoto in Dominica.
DNO please refrain from Sig my comments this one specific article. Thank you.
🤡🤡🤡
Can you all believe that the so-called Sinister of Dominica Roosevelt Skerrit urged Dominicans to participate in this fraudulent scams. He suggested to the vulnerable and naive people that Thompson Fontaine was not knowledgeable in these affairs. My people what is holding you all to rise against these crooks and vagabonds. These cowboys and cartels. My question is what? My word I just cannot believe that those left in Dominica continue to accept this rule of no law, fraudulent, crooks, vagabonds, traitors, bums,, liars, sticky fingers, etc etc. Wake up. Wake up. Wake up
@Anger
Who tell you crypto is a fraudulent scam? Do you know the number of people who legally use Bitcoin worldwide.
Man go and read. The man scammed crypto investors, and he is paying for the scam.
I really wished that I could meet with you face to face to challenge you in Reading. I am happy that you said it,” The man scammed investors ” and your sinister PM who knew that what this man brought to Dominica was a scam to target naive people like you. Let him pay, so will your crooked PM pay one day also.
@Anger
My friend educate yourself. Crypto is not fraudulent….There are scammers in the business, as in all other businesses. Your opinion about crypto does not make it facts. Go read about crypto, because you just dont know!
There are scammers in the business so what do the scammers do? They scam others and that’s exactly what they brought to Dominica with the knowledge of you and your crooked PM. Both of you will pay also.
But you don know already is RUM Seewoh and the little stipend dey getting every time dey go beg for it!!!
As long as dat NEP program is in place Dominicans will forever be at the will of their puppet master Skerrit!!!
But wait nuh How comes the Allied Workers Union doh step in yet and condemn dat foolish program of Servitude wiff no Pension scheme!!!
@Anger
You are all over the place. Crypto is LEGAL in myriad countries.It is just another form of investment, and it’s very, very lucrative.
Read the comment from “Hello”…It’s sensible… The thing is the man scammed the crypto investors, who deserved protection, so he is jailed.
Dominica has too much ignorance!!
What honey is to flies Roosevelt is to international scammers, rogues and fugitives of the law. Who can justifiably argue with the UK for revoking the visa-free status of Dominicans?
This is yet incontrovertible evidence that this incumbency is leaving a legacy of tears for this present and future generations. Despite all this very troubling evidence, too many Dominicans remain unconcerned and apathetic. Unbelievable!
In any other jurisdiction, this government would have been kicked out to the dustbin of history. The time is right for all right thinking and patriotic citizens to shut down the country to rid the place of these manipulative, unscrupulous parasites.
@Ibo
Get out of hiding and come join Dominicans.
Your little coward! Bla, bla, bla, bla..
So crypto is LEGAL in America, and in Dominica we know nothing about it. Things are so hard here, why some people cannot help others to learn about it?
It is legal in Dominica. The prime minster has even made it LEGAL TENDER- TRON a cryptocurrency. They say you can even use it for payment and taxes, yet as usual in Dominica the law is there, but nothing is being done to facilitate its use!
https://commonwealthchamber.com/tron-becomes-legal-tender-in-dominica/
@derp
By reading the comments, Dominicans are very very very ignorant about crypto currency. Most don’t even know that it’s a form of investment, a popular kne too. I mean a crypto like BITCOIN has been around for so long and it seem like not even that is known by the majority. They see it as a curse!!😄😄😄😄😄😄😄
@ I Laugh
Let them remain ignorant and reject it while the whole world moves on and leaves them behind, literally in 2014 every Dominican with a phone was going to be airdropped $10 worth of Bitcoin to learn about it and be educated about it, but no they cry it down and spread lies about it. In August 2014 Bitcoin was about $447.00. $10 worth in 2014 was about 0.0209btc. The same 0.0209 btc is now worth $833.24.
https://bitcoinist.com/the-bit-drop-bringing-bitcoin-to-dominica-exclusive-interview/
In its statement, the DOJ did not reveal which bank in Dominica Kamplin transferred his illegally-gained funds to.
I wonder if Money god doesn’t have his personal bank in Dominica or elsewhere that crooks and criminals like Peter Kambolin using to transfer and receive dirty money
If he defrauded investors, then jail him. He deserves it..When people invest, they expect a return on their investment, not scamming.
Crypto is a form of investment with huge returns…In the USA alone, almost 50 000 000 are involved in the crypto, especially BITCOIN trade with multiple thousands of millionaires. In Britain about 5000 000 people hold NITCOIN. Crypto ATM are common sites everywhere in the USA. In Latin America, same thing. In St Kitts right here in the Caribbean you have BITCOIN ATM…Only in Dominica crypto is taken as a bad name. Reasons why we are last in everything! I made roughly US$20 000.00 in BITCOIN in 2023, from my home, but the market was slow. I am determined to quadruple the amount to about US$80 000.00 this year 2024. Now multiply that by EC$ 2.70, and see what i could earn from my home by December.
99% of Dominicans do not know anything about crypto. Ask them what is a wallet address?They don’t know. What is a crypto platform? They don’t know. Name 10 crypto currencies? They dont know. What is the metaverse? They dont know. Who invented BITCOIN.They dont know?
Is this country…
Would like to learn