CFTC Case Updates
A chronological record of key events, filings, rulings, and correspondence in the CFTC enforcement action against Sam Ikkurty and Rose City Fund — from the initial complaint through ongoing appeals.
CFTC Files Complaint Against Sam Ikkurty and Rose City Fund
The Commodity Futures Trading Commission filed a complaint (Case No. 1:22-cv-02465, N.D. Illinois) alleging fraud and misappropriation. The complaint was based solely on bank statements, ignoring publicly available blockchain records showing $19M in verifiable DeFi transactions.
Ex Parte Restraining Order Entered
A court-appointed Receiver froze and took possession of substantially all of the Defendants' cash assets based on the CFTC's ex parte motion. Sam was never notified of the lawsuit prior to this order.
Federal Raid on Sam's Home in Portland
Ten federal agents, including four armed U.S. Marshals, raided Sam's home. During the six-hour interrogation by CFTC lawyers Candy Haan and Heather Dasso, Sam provided complete blockchain transaction histories, SEC registration evidence, and mathematical proof that a Ponzi scheme was impossible — all of which was willfully ignored.
100% of Investors Oppose Liquidation of Digital Assets
In objections to Docket No. 55 (receiver's fee application and liquidation motion), all partners unanimously opposed liquidation of digital assets. Investigator Dasso admitted under oath that no investor had complained prior to the raid and that no investor had failed to receive promised dividend payments.
StoneTurn Expert Report Filed — No Misappropriation Found
Charles R. Soha, CFE, Managing Director at StoneTurn Group, filed an expert report confirming no misappropriation of funds. The report documented that investors in Fund II received returns as high as 339.55% in one year, and Fund I achieved a mean CAGR of 303% for exiting partners — mathematically impossible in a Ponzi scheme.
Appellants' Brief Filed in Seventh Circuit
Filed Appellants' Brief in Seventh Circuit Case No. 24-2684, arguing that the CFTC's assertion of jurisdiction over Rose City Fund flagrantly violates the plain text of the Commodity Exchange Act (7 U.S.C. § 1 et seq.) and that the fund was properly registered with the SEC.
Morrison Cohen Letter to AG Pam Bondi on Jurisdiction
Counsel at Morrison Cohen sent a letter to Attorney General Pam Bondi detailing how the CFTC's jurisdictional theory flagrantly violates the plain text of the Commodity Exchange Act, given the fund's proper SEC registration.
DOJ Issues 'Ending Regulation By Prosecution' Memorandum
Deputy Attorney General issued a memorandum explicitly forbidding pursuing regulatory cases under the CEA 'unless there is evidence that the defendant violated such a requirement willfully' and caused actual investor harm — conditions absent in this case per Dasso's own sworn admissions.
CFTC Commissioner Pham Condemns Division of Enforcement
CFTC Commissioner Caroline Pham publicly stated: "This case clearly shows that the Division has for far too long maintained a culture that the CFTC is above the law... leading to abuse of prosecutorial power and violation of due process." This statement, made in the context of CFTC v. Traders Global Group Inc. (D.N.J. 2025), directly validates years of documented misconduct claims.
Formal Complaint Filed with CFTC Inspector General
Filed a formal complaint with the Honorable Christopher Skinner, CFTC Inspector General, documenting systemic abuses of power, egregious prosecutorial misconduct, and willful violations of constitutional and administrative law by the Division of Enforcement in CFTC v. Sam Ikkurty, et al.
Formal Criminal Complaint Filed with DOJ
Filed a formal criminal complaint with Attorney General Pam Bondi, Acting AAG Matthew R. Galeotti, and U.S. Attorney Andrew S. Boutros requesting a grand jury investigation into alleged obstruction of justice, perjury, and deprivation of rights under color of law by CFTC officials Candice Haan, Heather Dasso, Doug Snodgrass, and Receiver James L. Kopecky.
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