RATE Group | Bitcoin Exchange Operator Pleads Guilty To Fraud
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Bitcoin Exchange Operator Pleads Guilty To Fraud

25 Jul Bitcoin Exchange Operator Pleads Guilty To Fraud

Posted at 03:23h in Bitcoin News by

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Jon Montroll, owner and operator of a securities investment platform BitFunder and cryptocurrency exchange WeExchange, has pled guilty to securities fraud and theft. He could face up to 20 years in prison. “As he admitted today, Jon Montroll deceived his investors and then attempted to deceive the SEC. He repeatedly lied during sworn testimony and misled SEC staff to avoid taking responsibility for the loss of thousands of his customers’ bitcoins,” Manhattan U.S. Attorney Geoffrey Berman stated. (See also: Former Bitcoin Exchange Operator Arrested: SEC Charges Him With Fraud). 

In February this year, the SEC charged Montroll with operating an unregistered securities exchange and lying to investors about the number of bitcoin in his possession. He converted investor bitcoins into US dollars and spent them on personal expenses, such as travel and groceries. WeExchange was attacked in 2013 and hackers made away with 6,000 bitcoins from the platform.

Montroll did not…

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