A crypto escrow company principal Jon Thomson, pleaded guilty of running a Bitcoin escrow scam worth $3 million as we are reading more in the Bitcoin scam news.
The crypto escrow company principal pled guilty in Manhattan federal court to commodities fraud as back in 2018, he took over $3 million from one company failing to deliver the bitcoins worth that amount. Thomson served as the director of Volantis Escrow Platform LLC and Volantis Market Marking LLC and according to the US Department of Justice statement, he issued multiple promotional materials on behalf of both companies claiming that they minimized the settlement default risk in crypto transactions.
Thompson further asserted that there’s no risk of default for either side of the transaction as Volantis acted as a custodian. In 2018, he fabricated false statements to the undisclosed company to induce it to send more than $3 million to fund the purchase of BTC. Thomson guaranteed that Volantis will serve as an escrow and that the money cannot be lost. He stated that he will not transfer the funds to the seller until he received the BTC in hand. After his false presentation, the company agreed to send $3.25 million to Volantis.
Thomson wired the funds to a third-party without having to receive any of the BTC in hand as he lied for days about the transaction status and the locations of the funds and the coins which the company that got scammed never saw again. The DOJ announcement said that authorities arrested Jon Thomson on July 25th and pled guilty to one count of the commodities fraud a year later before the US District Judge Edgardo Ramos of the Manhattan federal court. Thomson could face jail time up to 10 years and the Judge will determine the sentencing is scheduled to take place on January 7th next year.
Jon Thomson admitted to only one of these charges but the US Attorney for the Southern District of New York Geoffrey Berman said that Thomson had taken about $4 million from another company with the fake claims mentioned above. If he is found guilty on commodities fraud and wire fraud, his sentence will rise to 20 years in prison.
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