RATE Group | US Department of Justice Accuses Crypto Exec of $7 Million Fraud Scheme
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US Department of Justice Accuses Crypto Exec of $7 Million Fraud Scheme

27 Jul US Department of Justice Accuses Crypto Exec of $7 Million Fraud Scheme

Posted at 21:41h in Cryptocurrency News by

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Federal authorities in the state of New York have unsealed fraud charges against the principal of a purported cryptocurrency escrow company Volantis in the amount of over $7 million.

According to an announcement by the Department of Justice (DoJ), the United States Attorney for the Southern District of New York and the Assistant Director-in-Charge of the New York Field Office of the Federal Bureau of Investigation (FBI) unsealed a filing with the allegations on July 25. The defendant, Volantis principal Jon Barry Thompson, was also arrested on the same day. 

Thompson allegedly made false representations about Volantis’ purported Bitcoin transaction service in order to fraudulently secure over $7 million from two different companies. In the filing, the complainants say that Thompson offered a service for low-risk crypto settlements by acting as a mutual custodian for two transacting parties. 

Defendant allegedly used firm as a front for theft

However, Manhattan U.S. Attorney…

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