Jeremy Jordan-Jones, the founder of Amalgam Capital Ventures, has been charged with fraud after US authorities accused him of tricking investors into giving him over $1 million for a fake blockchain project.
He was indicted and arrested on May 21 after the Department of Justice (DOJ) and the Federal Bureau of Investigation (FBI) completed their investigation.
According to court documents, Jordan-Jones ran a scheme between January 2021 and November 2022. During that time, he claimed his company was working on new blockchain-based payment tools and sales systems.
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He also told investors that Amalgam had formed partnerships, including with sports groups, and that the company would soon be listed on crypto exchanges. However, prosecutors say these claims were false.
Officials said Amalgam had no working products, almost no customers, and had not formed any real partnerships. Still, investors were led to believe the business was growing. Jordan-Jones allegedly used these lies to convince people to hand over money, which he then spent on personal expenses instead of business development.
The charges also say he created fake financial records to support his claims. In one example, he submitted a bank statement showing over $18 million in Amalgam’s account to apply for a company credit card.
Jordan-Jones faces several charges, including wire fraud, securities fraud, making false statements to a bank, and identity theft. The fraud charges each carries penalties of up to 20 years in prison. The charge for lying to a bank could lead to 30 years. The identity theft charge has a mandatory two-year sentence if convicted.
On May 20, the Securities and Exchange Commission (SEC) filed a lawsuit against Unicoin, a crypto investment firm, and three of its senior executives. What happened? Read the full story.
Having completed a Master’s degree in Economics, Politics, and Cultures of the East Asia region, Aaron has written scientific papers analyzing the differences between Western and Collective forms of capitalism in the post-World War II era.With close to a decade of experience in the FinTech industry, Aaron understands all of the biggest issues and struggles that crypto enthusiasts face. He’s a passionate analyst who is concerned with data-driven and fact-based content, as well as that which speaks to both Web3 natives and industry newcomers.Aaron is the go-to person for everything and anything related to digital currencies. With a huge passion for blockchain & Web3 education, Aaron strives to transform the space as we know it, and make it more approachable to complete beginners.Aaron has been quoted by multiple established outlets, and is a published author himself. Even during his free time, he enjoys researching the market trends, and looking for the next supernova.
