Bitcoin Escrow Chief Pleads Guilty to $3.25M Crypto Fraud

bit2Big > Bitcoin News > Bitcoin Escrow Chief Pleads Guilty to $3.25M Crypto Fraud

The head of bitcoin escrow company Volantis pleaded guilty on Thursday to one count of commodities fraud for bilking an investor of over $3 million.

Jon Barry Thompson, 49, admitted in Manhattan federal district court that his crypto companies – Volantis Market Making LCC and Volantis Escrow Platform LLC – never followed through with a promised $3.25 million bitcoin buy for one unnamed customer in the summer of 2018.

Thompson also settled charges brought by the Commodity and Futures Trading Commission on Thursday. A newly filed consent order requires him to pay $7.4 million in restitution, permanently bars him from bitcoin trading, and compels him to cooperate with the CFTC in any future investigations.

Bit2Big

Bit2big offers global digital finance solutions based on blockchain, cryptocurrency investments and blockchain services.

With a presence in Switzerland, Nigeria, Rwanda and Uganda we are driving the adoption of blockchain technologies in the east and west Africa.

Transformative, empowering, progressive and integral. At Bit2big we believe in ownership, financial stability and having control over your future.

News

Crypto and blockchain: it’s time to put the phenomenon vs fad debate to bed
April 18, 2021By
A year into Covid, Durban’s beachfront farmers are still tilling the soil
March 28, 2021By
Editorial: Whistleblowers need our protection
March 28, 2021By

Recent Cases

Related Posts

Leave a Reply