Switch to ADA Accessible Website
Orlando Criminal Lawyer

White Collar Criminal Charge: Former CEO Gets Two Years In Prison For “Cherry-Picking” Crypto Futures Fraud Scheme


On January 19th, 2024, Investment Executive reported that Peter Kambolin—the former owner and Chief Executive Officer (CEO) of Florida-based commodities Systematic Alpha Management LLC —will serve two years in prison for his role in a cryptocurrency fraud scheme. Here, our Orlando white collar criminal defense lawyer discusses the charges in more detail.

The Allegations: Cherry-Picking of Cryptocurrency Trades 

Peter Kambolin was investigated for, and eventually charged with, fraud related to cryptocurrency futures trading. Notably, it is the first time a person has been convicted of a commodities fraud charge for this type of crypto-related “cherry-picking” offense.

In April 2023, the federal government alleged Kambolin and his company were making unlawful cryptocurrency trades. Effectively, prosecutors contend that Mr. Kambolin was keeping the successful trades for himself and his company and sticking clients with the failed trades. In other words, if a trade made money, they kept it, but if it lost money, the clients suffered.

Based on the evidence presented, Mr. Kambolin eventually pleaded guilty to conspiracy to commit commodities fraud. He has now been sentenced to two years in jail and a subsequent period of home confinement (18 months). The defendant will also pay $1.6 million in financial penalties. 

The Charge and Conviction: Conspiracy to Commit Commodities Fraud 

The defendant in this case—Peter Kambolin of Florida and New York—was arrested, charged with and convicted of conspiracy to commit commodities fraud. It is a very serious federal criminal offense. Here is an overview of the charge, the elements, and the penalties:

  • The Statute: Conspiracy to commit commodities fraud is a federal felony criminal offense. It occurs when two or more people work to deceive others in relation to commodities trading.
  • The Elements: The elements of this crime include an explicit or implied agreement to commit the fraud, knowledge and intent to defraud, and an overt act in furtherance of the conspiracy. In other words, the plan itself is a crime—even if not successfully carried out.
  • The Penalties: A person convicted of conspiracy to commit commodities fraud can face serious federal criminal penalties, including significant prison time and steep financial sanctions. They may also face a concurrent civil case from regulators and/or investors. 

Of course, any individual facing a conspiracy to commit commodities fraud charge or any other type of federal securities fraud charge and/or investment fraud charge is presumed innocent until proven guilty in court. They have the right to raise a zealous defense. 

Schedule a Confidential Consultation With an Experienced Orlando White Collar Crimes Attorney

At The Baez Law Firm, our Orlando white collar criminal defense lawyer is an aggressive, experienced advocate for clients. If you or your loved one was charged criminally as part of any type of investment fraud case, we can help. Contact us today for a completely confidential case review with a top-rated white collar criminal defense lawyer. We serve communities across Central Florida.



  • Facebook
  • Twitter
  • LinkedIn

Miami Office

1200 Brickell Avenue, Suite 1410
Miami, FL 33131
Office: 305-999-5100
Fax: 305-999-5111

Orlando Office

250 N Orange Ave, Suite 750
Orlando, FL 32801
Office: 407-705-2626
Fax: 407-705-2625

Email Us

Fields Marked * Are required

DISCLAIMER: Completing and submitting this form or otherwise merely contacting The Baez Law Firm or any individual at the firm will not establish an attorney/client relationship. Our firm cannot represent you until we determine that there would be no conflict of interest and that we are otherwise able to accept representation of your case. Please do not send any information or documents until a formal attorney/client relationship has been established through an interview with an attorney and you have been given authorization in the form of an engagement letter with The Baez Law Firm. Any information or documents sent via this form or otherwise prior to your receipt of an engagement letter will not be treated as confidences, secrets, or protected information of any nature. Submitting information regarding your potential case will not bar The Baez Law Firm from representing or continuing to represent a person or entity whose interest are adverse to your in condition with your case.

protected by reCAPTCHA Privacy - Terms
Please review the highlighted fields. They are required.
DISCLAIMER: This website contains information about The Baez Law Firm that includes testimonial statements from persons who are familiar with the firm's services. The testimonials shown are not necessarily representative of every person's experience with us. Testimonials from every client are not provided. As no two situations or persons are identical, the facts and circumstances of your situation may differ from those for which testimonials are shown. This website also includes information about some of the past results that we have obtained for our clients. Not all results are provided, and the results shown are not necessarily representative of all results obtained by us. No two situation are exactly alike; every person's situation is unique and the outcome for each person depends on the individual facts.

The information on this website is for general information purposes only. Nothing on this site should be taken as legal advice for any individual case or situation. This information is not intended to create, and receipt or viewing does not constitute, an attorney-client relationship.
MileMark Media - Practice Growth Solutions

© 2015 - 2024 Baez Law Firm. All rights reserved.
This law firm website and legal marketing are managed by MileMark Media.

Contact Form Tab Contact Form Tab