(BlockBar) Federal authorities in New York State have charged more than $7 million in fraud with the alleged head of a cryptocurrency custody company, Volantis.
According to a complaint filed on July 25 by the FBI, it announced the opening of the complaint in Manhattan federal court by Jon Barry Thompson/k/” J. The cryptocurrency custody company Volantis escrow Platform LLC and its associated company Volantis Market Making LCC(collectively referred to as “Volantis”) are suspected of commodity fraud and wire fraud.
Thompson is alleged to have received $7 million from two victimized companies after making false statements related to bitcoin transactions. Thompson was arrested that day in Easton, Pennsylvania. According to the statement, through his company, Volantis, Thompson touted a trading structure that lured investors into cryptocurrency trading and eliminated any risk of loss from the purchase. His clients soon realized, however, that Thompson was wrong, and that cryptocurrency investors ended up losing all the money they had entrusted to him because of his lies.
Thompson claimed in his promotional material that Volantis “minimized the risk of settlement default” in cryptocurrency transactions. Thompson claims that because Volantis is a custodian of assets “on both sides of the transaction”; there is no risk of default. Mr. Thompson made false statements about Volantis ‘s alleged bitcoin exchange service, with the aim of swindling more than $7 million from two different companies.
Fbi assistant commissioner Sweeney said, “Thompson allegedly thought no one order to ask where their actual money went when they trusted question to invest in bitcoins. Using phrases and terminology that the victim companies didn ‘t Understand, he allegedly preyed on their ignorance of the emerging cryptocurrency. Our job at the FBI is to investigate the fraud and follow the money wherever it leads.”
The charges contained in the indictment are merely allegations and the defendant is presumed innocent unless proven guilty.
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