A federal judge in Florida ordered Brian Early and Alisha Ann Kingrey to pay $31.48 million in restitution and penalties for defrauding more than 9,000 people through a scheme involving cryptocurrencies and precious metals, according to an enforcement action by the US Commodity Futures Trading Commission announced Wednesday.
The judgment breaks down to $15.73 million in restitution to victims and a $15.75 million civil penalty. The CFTC did not disclose the specific scheme's mechanics in its public statement, but the case represents one of the largest crypto-fraud recoveries the agency has secured in a single action.
The CFTC has brought 12 enforcement actions against digital-asset fraudsters in the past 18 months, according to its enforcement docket. Most have resulted in judgments under $5 million, making the Early and Kingrey case roughly 3.2 times the median crypto-fraud recovery in that period. The agency has authority to pursue defendants under the Commodity Exchange Act when schemes involve digital commodities or precious metals futures.
Florida federal courts have become a frequent venue for CFTC enforcement actions targeting retail fraud schemes. The jurisdiction has hosted at least seven similar digital-asset cases since 2024, according to court records. Early and Kingrey's alleged operation centered on promises of returns tied to cryptocurrency and metals holdings, a structure consistent with Ponzi-scheme mechanics that regulators have flagged repeatedly in crypto fraud cases.
Default judgments, which the court issued here, require defendants to have failed to respond to or contest the CFTC's complaint. The agency said it will pursue collection through standard enforcement mechanisms, though the likelihood of recovering the full judgment amount from defendants remains uncertain absent identified assets or ongoing business operations.
The median judgment in crypto-fraud cases brought by US regulators between 2024 and 2026 is $9.8 million, making this recovery sit in the upper quartile. Early and Kingrey's case also stands apart for its victim count: 9,000 people is roughly four times the median number of victims in comparable federal fraud cases the CFTC has handled since 2023.
The CFTC enforcement docket will determine whether Early and Kingrey attempt to appeal or seek modification of the judgment. If neither defendant has filed a notice of appeal within 30 days of the order, the judgment becomes final.
