EXHIBIT 2

Declaration of Joseph J. Patrick

Case 1:22-cv-23174-RKA Document 32-2 Entered on FLSD Docket 06/12/2023 Page 1 of 24
1 

DECLARATION UNDER PENALTY OF PERJURY OF 

JOSEPH J. PATRICK PURSUANT TO 28 U.S.C § 1746 

I, Joseph J. Patrick, hereby declare as follows: 

1. I am employed with the United States Commodity Futures Trading Commission 

(“CFTC”) as a Senior Investigator in the Division of Enforcement (“Division”). 

2. My primary responsibilities include conducting investigations to determine 

whether there have been violations of the Commodity Exchange Act and Commission 

Regulations. In connection with these responsibilities, I analyze bank records, documents related 

to trading, account opening documents, and customer records for commodity futures, commodity 

options, swaps, and off-exchange foreign currency (“forex”) accounts; trace the flow of funds 

through bank, commodity futures, commodity options, and forex trading accounts; review 

corporate formation documents filed with various state and federal agencies; and review 

applicable registration information for entities and individuals in the U.S. futures industry, 

among other activities. 

3. From June 1996 to July 2010, I held various regulatory compliance positions at 

National Futures Association (“NFA”), the independent self-regulatory organization for the U.S. 

futures industry. In these positions, I was responsible for conducting examinations and 

investigations of commodities, futures, options and forex trading firms, including performing 

analyses of trading activity, cash flows, and sales practices and initiating formal disciplinary 

actions when violations of NFA rules were detected. 

4. I received a Bachelor of Science degree in Accounting in 1996 from University of 

Illinois at Chicago and hold a certification as a Certified Fraud Examiner (CFE). 

Case 1:22-cv-23174-RKA Document 32-2 Entered on FLSD Docket 06/12/2023 Page 2 of 24
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5. In January 2019, I was assigned to an investigation concerning Adam Colin Todd 

(“Todd”) and a web of entities he owned or ran, including Digitex LLC, Digitex Limited, Digitex 

Software Limited, and Blockster Holdings Limited Corporation (D/B/A Digitex Futures) 

(“Digitex Futures”). The investigation focused on Todd’s operation of a potential futures 

exchange that was soliciting U.S. customers. Among other things, I was assigned to review and 

summarize evidence of potential unlawful gains of the Digitex Futures Exchange from July 31, 

2020 to September 30, 2022 (“Relevant Period”). 

6. I have personal knowledge of the facts set forth herein based on my participation 

in the Division’s investigation of Todd and Digitex Futures which resulted in the September 30, 

2022 civil enforcement action U.S. Commodity Futures Trading Commission v. Adam Todd, 

Digitex LLC, Digitex Limited, Digitex Software Limited, and Blockster Holdings Limited 

Corporation, 1:22-cv023174-RKA, S.D. FL, including my review of documents obtained by the 

Division during its investigation, my participation in witness interviews and sworn testimony, 

and my review of the results of online research. 

A. Records Reviewed 

7. During the course of the investigation, I reviewed the following documents and 

records: 

(a) Records maintained by National Futures Association (“NFA”) - which is 

responsible for handling the registration of certain U.S. futures industry participants 

under the under the Commodity Exchange Act - regarding the lack of registration status 

of Todd and a company operated by Todd called Digitex Futures; 

(b) Florida Department of State, Division of Corporations Licensing records 

of the corporate registration for the entities; 

Case 1:22-cv-23174-RKA Document 32-2 Entered on FLSD Docket 06/12/2023 Page 3 of 24
3 

(c) Miami-Dade County Court, Civil Division, documents from August 3, 

2022 concerning Todd’s eviction from a residence in Miami Beach, Florida. 

(d) Applications, corporate formation documents, account activity statements, 

canceled checks, wire records and other documents produced to the Division by Bank of 

America and Interaudi Bank for bank accounts controlled by, or maintained in the name 

of Todd or Digitex Futures; 

(e) Applications, corporate formation documents, account activity statements, 

and other documents produced to the Division by Coinbase, Inc. for Todd or Digitex 

Futures; 

(f) Applications, corporate formation documents, account activity statements, 

and other documents produced to the Division by Gemini Trust for Todd or Digitex 

Futures; 

(g) Applications, corporation formation documents, and other documents 

provided by the Australian Securities and Investments Commission; 

(h) Applications, corporation formation documents, and other documents 

provided by the Central Bank of Ireland; 

(i) Applications, corporation formation documents, and other documents 

provided by the Cyprus Securities and Exchange Commission; 

(j) Applications, corporation formation documents, and other documents 

provided by the Gibraltar Financial Services Commission; 

(k) Applications, corporation formation documents, and other documents 

provided by the Seychelles Financial Services Authority; 

Case 1:22-cv-23174-RKA Document 32-2 Entered on FLSD Docket 06/12/2023 Page 4 of 24
4 

(l) Applications, corporation formation documents, and other documents 

provided by St. Vincent & the Grenadines Financial Services Authority; 

(m) Emails, text messages, video recordings, and other documents produced to 

the Division by former contractors of Digitex Futures; 

(n) Bank records, emails, instant messages and other documents produced by 

Customer A; and 

(o) Written summaries of interviews with customers and former contractors of 

Digitex Futures. 

8. During the Investigation, I participated in telephone or videoconference 

interviews of several former contractors, former employees, former investors, and holders of 

DGTX, including but not limited to an individual hereinafter identified as Customer A. 

9. I attended sworn testimony of Customer A on March 24, 2022. 

B. Background of Individuals and Entities Involved 

10. From my review of NFA registration records, bank account opening records, and 

records from the State of Florida Department of State Division of Corporations Licensing, I 

determined the following: 

Adam Todd 

11. Todd is 49 years old and resided for much of the Relevant Period in Miami 

Beach, Florida. Todd has never been registered with the CFTC in any capacity. (See Exhibit 1.) 

Digitex Futures 

12. Based on my review of online records maintained by the Florida Department of 

State Division of Corporations and records produced by the Australian Securities and 

Investments Commission, Central Bank of Ireland, Cyprus Securities and Exchange 

Case 1:22-cv-23174-RKA Document 32-2 Entered on FLSD Docket 06/12/2023 Page 5 of 24
5 

Commission, Gibraltar Financial Services Commission, Seychelles Financial Services Authority, 

and St. Vincent & the Grenadines Financial Services Authority, 

(a) Digitex Limited was registered in the Republic of Seychelles on December 11, 

2017; 

(b) Digitex Software Limited was registered in Ireland on March 8, 2018, and 

operated in Dublin with a small staff of software developers for several 

months; 

(c) since at least January 27, 2021, Todd has co-owned Blockster Holdings 

Limited, a Gibraltar entity; and 

(d) on April 27, 2021, Todd and Blockster Holdings Limited applied to form 

Digitex LLC in St. Vincent & the Grenadines. 

13. None of Digitex Limited, Digitex Software Limited, Digitex LLC, or Blockster 

Holdings Limited have been registered with the CFTC in any capacity. (See Exhibit 2.) 

C. Digitex Futures Gains

14. Todd represented to Customer A, who was a resident of Illinois, that 1,500 

customers deposited at least $1.5 million worth of DGTX into the Digitex Futures Exchange in 

the seven days prior to August 4, 2020. (See Exhibit 3.) 

15. Todd sent an email to Customer A, who was a resident of Illinois, that stated 

during the first two months after the Digitex Futures Exchange’s “public launch” on July 31, 

2020, at least 13,920 customers deposited $2,412,220 worth of DGTX into accounts at the 

Exchange. (See Exhibit 4.) 

Case 1:22-cv-23174-RKA Document 32-2 Entered on FLSD Docket 06/12/2023 Page 6 of 24
Case 1:22-cv-23174-RKA Document 32-2 Entered on FLSD Docket 06/12/2023 Page 7 of 24
EXHIBIT 1

Case 1:22-cv-23174-RKA Document 32-2 Entered on FLSD Docket 06/12/2023 Page 8 of 24
5/24/23, 3:09 PM Online Registration System - Status History

https://www.nfa.futures.org/ereg/view/History.asp?nfaid=0551983&submit1=Enter 1/2

Online Registration NFA Home | BASIC | Log off user cftcjjp

System

Return to Dashboard

Report Center

Search for an NFA ID | View Registration Information

ORS News | Help

Search

• For an Individual

• For a Firm, Holding

Company or Sole

Proprietor

• By Social Security

Number

Disciplinary

Information

• Disclosure

Information

• List of Disciplinary

Information

Disclosure Questions

• Holds

Firm Profile

• Branch Office

Manager List

• Employee List (by

office)

• Guarantee Agreement

Information

• Exempt Foreign Firm

Information

Internal Processing

• View Registration

Information

• Registration Changes

• Outstanding

Requirements

• Application

Withdrawal Date

• TL's Due to Withdraw

• TL's Due to Convert

• Alerts

• Firm Rule Waivers

• Pending Withdrawals

• NFA FACTS 2000

• Other

Personal/Business

Information

Registration and

Membership

• Current Registration

Status

• Registration History

Hardcopies

• Filing History

Status History

NFA ID

0551983

Enter

ADAM TODD

No information available.

Case 1:22-cv-23174-RKA Document 32-2 Entered on FLSD Docket 06/12/2023 Page 9 of 24
5/24/23, 3:09 PM Online Registration System - Status History

https://www.nfa.futures.org/ereg/view/History.asp?nfaid=0551983&submit1=Enter 2/2

Paperwork Reduction Act Notice and Privacy Act Notice | Disclaimer and Privacy Policy

© 2002-2023 National Futures Association

Case 1:22-cv-23174-RKA Document 32-2 Entered on FLSD Docket 06/12/2023 Page 10 of 24
EXHIBIT 2

Case 1:22-cv-23174-RKA Document 32-2 Entered on FLSD Docket 06/12/2023 Page 11 of 24
5/24/23, 3:10 PM Online Registration System - Status History

https://www.nfa.futures.org/ereg/view/History.asp?nfaid=0551985 1/2

Online Registration NFA Home | BASIC | Log off user cftcjjp

System

Return to Dashboard

Report Center

Search for an NFA ID | View Registration Information

ORS News | Help

Search

• For an Individual

• For a Firm, Holding

Company or Sole

Proprietor

• By Social Security

Number

Disciplinary

Information

• Disclosure

Information

• List of Disciplinary

Information

Disclosure Questions

• Holds

Firm Profile

• Branch Office

Manager List

• Employee List (by

office)

• Guarantee Agreement

Information

• Exempt Foreign Firm

Information

Internal Processing

• View Registration

Information

• Registration Changes

• Outstanding

Requirements

• Application

Withdrawal Date

• TL's Due to Withdraw

• TL's Due to Convert

• Alerts

• Firm Rule Waivers

• Pending Withdrawals

• NFA FACTS 2000

• Other

Personal/Business

Information

Registration and

Membership

• Current Registration

Status

• Registration History

Hardcopies

• Filing History

Status History

NFA ID

0551985

Enter

DIGITEX LIMITED

No information available.

Case 1:22-cv-23174-RKA Document 32-2 Entered on FLSD Docket 06/12/2023 Page 12 of 24
5/24/23, 3:11 PM Online Registration System - Status History

https://www.nfa.futures.org/ereg/view/History.asp?nfaid=0551986 1/2

Online Registration NFA Home | BASIC | Log off user cftcjjp

System

Return to Dashboard

Report Center

Search for an NFA ID | View Registration Information

ORS News | Help

Search

• For an Individual

• For a Firm, Holding

Company or Sole

Proprietor

• By Social Security

Number

Disciplinary

Information

• Disclosure

Information

• List of Disciplinary

Information

Disclosure Questions

• Holds

Firm Profile

• Branch Office

Manager List

• Employee List (by

office)

• Guarantee Agreement

Information

• Exempt Foreign Firm

Information

Internal Processing

• View Registration

Information

• Registration Changes

• Outstanding

Requirements

• Application

Withdrawal Date

• TL's Due to Withdraw

• TL's Due to Convert

• Alerts

• Firm Rule Waivers

• Pending Withdrawals

• NFA FACTS 2000

• Other

Personal/Business

Information

Registration and

Membership

• Current Registration

Status

• Registration History

Hardcopies

• Filing History

Status History

NFA ID

0551986

Enter

DIGITEX SOFTWARE LIMITED

No information available.

Case 1:22-cv-23174-RKA Document 32-2 Entered on FLSD Docket 06/12/2023 Page 13 of 24
5/24/23, 3:12 PM Online Registration System - Status History

https://www.nfa.futures.org/ereg/view/History.asp?nfaid=0551984 1/2

Online Registration NFA Home | BASIC | Log off user cftcjjp

System

Return to Dashboard

Report Center

Search for an NFA ID | View Registration Information

ORS News | Help

Search

• For an Individual

• For a Firm, Holding

Company or Sole

Proprietor

• By Social Security

Number

Disciplinary

Information

• Disclosure

Information

• List of Disciplinary

Information

Disclosure Questions

• Holds

Firm Profile

• Branch Office

Manager List

• Employee List (by

office)

• Guarantee Agreement

Information

• Exempt Foreign Firm

Information

Internal Processing

• View Registration

Information

• Registration Changes

• Outstanding

Requirements

• Application

Withdrawal Date

• TL's Due to Withdraw

• TL's Due to Convert

• Alerts

• Firm Rule Waivers

• Pending Withdrawals

• NFA FACTS 2000

• Other

Personal/Business

Information

Registration and

Membership

• Current Registration

Status

• Registration History

Hardcopies

• Filing History

Status History

NFA ID

0551984

Enter

DIGITEX LLC

No information available.

Case 1:22-cv-23174-RKA Document 32-2 Entered on FLSD Docket 06/12/2023 Page 14 of 24
5/24/23, 3:12 PM Online Registration System - Status History

https://www.nfa.futures.org/ereg/view/History.asp?nfaid=0551987 1/2

Online Registration NFA Home | BASIC | Log off user cftcjjp

System

Return to Dashboard

Report Center

Search for an NFA ID | View Registration Information

ORS News | Help

Search

• For an Individual

• For a Firm, Holding

Company or Sole

Proprietor

• By Social Security

Number

Disciplinary

Information

• Disclosure

Information

• List of Disciplinary

Information

Disclosure Questions

• Holds

Firm Profile

• Branch Office

Manager List

• Employee List (by

office)

• Guarantee Agreement

Information

• Exempt Foreign Firm

Information

Internal Processing

• View Registration

Information

• Registration Changes

• Outstanding

Requirements

• Application

Withdrawal Date

• TL's Due to Withdraw

• TL's Due to Convert

• Alerts

• Firm Rule Waivers

• Pending Withdrawals

• NFA FACTS 2000

• Other

Personal/Business

Information

Registration and

Membership

• Current Registration

Status

• Registration History

Hardcopies

• Filing History

Status History

NFA ID

0551987

Enter

BLOCKSTER HOLDINGS LIMITED

CORPORATION

No information available.

Case 1:22-cv-23174-RKA Document 32-2 Entered on FLSD Docket 06/12/2023 Page 15 of 24
EXHIBIT 3

Case 1:22-cv-23174-RKA Document 32-2 Entered on FLSD Docket 06/12/2023 Page 16 of 24
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EXHIBIT 4

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Confidential -0000000003.0029

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Confidential -0000000003.0030

Case 1:22-cv-23174-RKA Document 32-2 Entered on FLSD Docket 06/12/2023 Page 21 of 24
Confidential -0000000003.0031

Case 1:22-cv-23174-RKA Document 32-2 Entered on FLSD Docket 06/12/2023 Page 22 of 24
Confidential -0000000003.0032

Case 1:22-cv-23174-RKA Document 32-2 Entered on FLSD Docket 06/12/2023 Page 23 of 24
Confidential 0000000003.0033

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