The U.S. District Court for the Middle District of Florida has entered a default judgment against Brian Early and Alisha Ann Kingrey, ordering the two defendants to pay more than $30 million in a digital assets and precious metals fraud case brought by the Commodity Futures Trading Commission.

The CFTC said the scheme also involved an "unincorporated Fundsz entity and its website," according to an agency statement issued Wednesday.

The court found that Early and Kingrey, acting as board members and moderators of the entity's Telegram group, made material misrepresentations about Fundsz's expected profits, past trading performance and the risks of loss. They also falsely told investors that their money would be traded according to a "proprietary algorithm" and that funds could later be withdrawn with interest, the court determined.

The record also captured an attempt to cover their tracks. "The court further found that when Early and Kingrey learned of the CFTC's investigation, they began walking back their profitability claims and worked to eliminate Fundsz's social media presence," the agency said.

The judgment closes a chapter in a multi-defendant enforcement action. On the same day, the court entered consent orders against two other participants in the scheme, Rene Larralde and Juan Pablo Valcarce.

Larralde died in 2023. Rachel Larralde was substituted as a defendant in his place and, under the consent order, must turn over possession and control of the Larralde Residence "as is." Valcarce accepted a permanent ban on having cryptocurrency or precious metals traded on his behalf, along with a prohibition on further violations of CFTC rules.

The operational details of the scheme underscore how retail-facing fraud in digital assets increasingly blends channels and asset classes. Fundsz solicited investors through a website and a moderated Telegram group, marketed exposure to both crypto and precious metals, and anchored its pitch to unverifiable claims about an algorithmic trading system. None of those claims survived scrutiny once the CFTC began its investigation, and the defendants' response — retracting profitability statements and scrubbing social media — became part of the evidentiary record the court cited.

The default judgment against Early and Kingrey means the court resolved the claims without a contested trial, typically because defendants failed to respond. The monetary relief exceeding $30 million reflects the scale the court attributed to the misconduct.

For the CFTC, the outcome adds to a string of enforcement wins against unregistered retail fraud operations that used digital asset marketing to reach investors. The case also illustrates the agency's jurisdictional reach over schemes combining commodity interests — here, precious metals and crypto — with false performance claims, a core category of CFTC anti-fraud authority under the Commodity Exchange Act.

Recovery for victims remains the practical question. Default judgments and consent orders establish liability and monetary obligations, but actual restitution depends on the defendants' collectible assets, a recurring constraint in CFTC fraud cases. The Larralde residence turnover shows the agency pursuing hard assets where available.

The orders against all four defendants now take effect, and compliance with the monetary and conduct provisions — including Valcarce's permanent trading ban and the property turnover — will define the enforcement outcome in the months ahead.