Q3 Holdings LLC – CFTC Charges Q3 Holdings, LLC, Q3 I, LP and Michael Ackerman in Fraudulent Scheme | Goodman & Nekvasil P.A. May Recover Investor Losses
According to the Commodity Futures Trading Commission Complaint:
From at least August 2017 through December 2019 (the “Relevant Period”), Defendant Michael Ackerman (“Ackerman”) and the entities he founded, Defendant Q3 Holdings, LLC (“Q3H”), and Defendant Q3 I, LP (“Q3I,” and together with Q3H, “Q3”), operated a fraudulent scheme in which they solicited and misappropriated funds to purportedly trade virtual currencies. Based on Ackerman’s and Q3’s (collectively “Defendants”) fraudulent misrepresentations, more than 150 individuals and entities (“Q3 customers”) deposited at least $33 million with Q3. However, less than $10 million of the $33 million in Q3 customer funds was wired to virtual currency exchanges.
Instead, Defendants transferred more than $25 million of Q3 customers’ funds to personal bank accounts of Ackerman and the two other individuals with whom Ackerman founded Q3. Ackerman himself received more than $7 million of Q3 customers’ funds.
To entice potential Q3 customers to invest in their scheme, Defendants knowingly and falsely represented that they were profitably trading virtual currencies earning monthly returns of approximately 15%.
Despite Defendants’ representations to potential and existing Q3 customers that their virtual currency trading was highly successful and that Q3 customers were free to withdraw the profits earned in their accounts after one year, Defendants did not trade virtual currencies successfully and most Q3 customers’ money was misappropriated or lost trading.
To conceal their fraud, Defendants and the other Q3 founders provided Q3 customers with false accounting statements, newsletters containing false trading returns, and fictitious screenshots reflecting the amount of money under Q3’s management.
Investors in Q3 Holdings, LLC, Q3 Trading Club and/or Q3 I, LP, May Recover their Losses with Goodman & Nekvasil, P.A.
If you invested in Q3 Holdings, LLC, Q3 Trading Club and/or Q3 I, LP, Goodman & Nekvasil, P.A. may help you. Goodman & Nekvasil, P.A., a Clearwater, Florida, law firm with a national practice representing victimized investors, has recovered more than $180 million dollars on behalf of victimized investors.
All our cases are handled on a purely contingency fee basis by Kalju Nekvasil, Esq., formerly regional counsel with the NASD, now known as FINRA. Kalju Nekvasil, Esq. has practiced in this area of the law for more than 35 years.
There is no charge for an evaluation of your case. Further, we handle our cases on a contingency fee basis. This means that unless we recover money for you, we charge no attorney’s fee. Unless you recover any money, you pay us nothing, not even the costs and expenses which the firm will advance on your behalf.
If you incurred investment losses in Q3 Holdings, LLC, Q3 Trading Club and/or Q3 I, LP and would like your case evaluated by a securities attorney (again, there is no charge for an evaluation and all cases are handled on a purely contingency fee basis), please contact us.
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