{"id":129764,"date":"2025-05-22T06:16:08","date_gmt":"2025-05-22T06:16:08","guid":{"rendered":"http:\/\/cryptospotters.net\/?p=129764"},"modified":"2025-05-22T06:16:08","modified_gmt":"2025-05-22T06:16:08","slug":"feds-charge-amalgam-founder-with-stealing-1m-via-sham-blockchain","status":"publish","type":"post","link":"http:\/\/cryptospotters.net\/?p=129764","title":{"rendered":"Feds charge Amalgam founder with stealing $1M via \u2018sham\u2019 blockchain"},"content":{"rendered":"<p>Source: Cointelegraph.com NewsA US grand jury has indicted the founder of blockchain startup Amalgam Capital Ventures over allegations he defrauded investors out of over $1 million with a fake blockchain.<br \/>\nJeremy Jordan-Jones was arrested and indicted on May 21 and charged with wire fraud, securities fraud, making false statements to a bank, and aggravated identity theft, the Department of Justice said on May 21.\u00a0\u00a0<br \/>\nManhattan US Attorney Jay Clayton claimed Jordan-Jones \u201ctouted his company as a groundbreaking blockchain startup,\u201d but alleged that, in reality, the \u201ccompany was a sham, and investors\u2019 funds were siphoned off to bankroll his lavish lifestyle.\u201d<br \/>\nFBI Assistant Director Christopher Raia alleged that Jordan-Jones defrauded investors of more than 1 million dollars through \u201cmisrepresentations of his purported company&#8217;s capabilities, partnerships, and investment intentions.\u201d<br \/>\nRaia claimed the Amalgam founder\u2019s \u201cblatant lies\u201d funded his personal lifestyle at the expense of unknowing victims.<br \/>\nAn excerpt from the indictment of Jeremy Jordan-Jones. Source: US Department of JusticeAccording to an indictment filed in a Manhattan federal court, from January 2021 to November 2022, Jordan-Jones deceived investors and financial institutions using fabricated documents, fake sports partnerships, and misleading claims, ultimately misappropriating over $1 million for personal use.<br \/>\nRelated: Ex-Cred execs plead guilty to wire fraud over $150M crypto collapse<br \/>\nAmalgam claimed to offer point-of-sale systems and blockchain-based payment and security solutions, the filing states.<br \/>\nThe indictment alleged the firm had \u201cno operable products, few, if any, customers, and zero legitimate business partnerships.\u201d<br \/>\nThe filing alleged that instead of channeling the funds into tech development and crypto exchange listings as promised, Jordan-Jones spent the money on luxury vehicles, high-end vacations, clothing and fancy restaurants in Miami.\u00a0<br \/>\nCharges carry decades in prison<br \/>\nJordan-Jones was also accused of submitting a fake bank statement claiming Amalgam held over $18 million in order to secure a company credit card, but prosecutors claimed there were no funds in the bank account and it had been closed in late 2021.\u00a0<br \/>\nWire fraud and security fraud carry potential penalties of up to 20 years in prison per count, while making false statements to a bank carries up to 30 years.<br \/>\nJordan-Jones was also charged with one count of aggravated identity theft, which carries a mandatory sentence of two years in prison.<br \/>\nThe government is seeking forfeiture of any property or money traceable to the fraud, including substitute assets if the original funds are unavailable.<br \/>\nMagazine: Arthur Hayes $1M Bitcoin tip, altcoins \u2018powerful rally\u2019 looms: Hodler\u2019s Digest<a href=\"https:\/\/cointelegraph.com\/news\/feds-charge-amalgam-founder-stealing-one-million-sham-blockchain?utm_source=rss_feed&amp;utm_medium=rss&amp;utm_campaign=rss_partner_inbound\" target=\"_blank\" class=\"feedzy-rss-link-icon\" rel=\"noopener\">Read More<\/a><\/p>","protected":false},"excerpt":{"rendered":"<p>Source: Cointelegraph.com NewsA US grand jury has indicted the founder of blockchain startup Amalgam Capital Ventures over allegations he defrauded investors out of over $1 million with a fake blockchain.&hellip; <\/p>\n","protected":false},"author":0,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":[],"categories":[5],"tags":[],"_links":{"self":[{"href":"http:\/\/cryptospotters.net\/index.php?rest_route=\/wp\/v2\/posts\/129764"}],"collection":[{"href":"http:\/\/cryptospotters.net\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"http:\/\/cryptospotters.net\/index.php?rest_route=\/wp\/v2\/types\/post"}],"replies":[{"embeddable":true,"href":"http:\/\/cryptospotters.net\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=129764"}],"version-history":[{"count":0,"href":"http:\/\/cryptospotters.net\/index.php?rest_route=\/wp\/v2\/posts\/129764\/revisions"}],"wp:attachment":[{"href":"http:\/\/cryptospotters.net\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=129764"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"http:\/\/cryptospotters.net\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=129764"},{"taxonomy":"post_tag","embeddable":true,"href":"http:\/\/cryptospotters.net\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=129764"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}