"FOUNDER OF TWO CLOSED CRYPTOCURRENCY SERVICES PLEADS GUILTY TO FED CHARGES"
https://bitcoinist.com/founder-of-two-closed-cryptocurrency-services-pleads-guilty-to-federal-charges/
FOUNDER OF TWO CLOSED CRYPTOCURRENCY SERVICES PLEADS GUILTY TO FEDERAL CHARGES
JUL 25, 2018
The operator of two now-defunct cryptocurrency services – BitFunder and WeExchange – has pleaded guilty on charges of securities fraud and obstruction of justice.
Jon Montroll, 37, also known as Ukyo, has pleaded guilty to securities fraud and obstruction of justice in front of the U.S. Magistrate Judge James Cott in Manhattan according to Reuters.
SNEAKY MOVES
According to the prosecutors, Montroll, who is from Saginaw, Texas, operated the cryptocurrency storage and exchange service
WeExchange Australia PTY LTD.
He also operated
BitFunder.com – a platform which allowed users to sell virtual shares of businesses for bitcoins.
The prosecution stated that in the interim between 2012 and July 2013, at the least, the defendant deceived investors in WeExchange by taking their bitcoins, selling them for fiat currency and eventually spending them on personal expenses.
Going further, in July 2013, Montroll also solicited investments in a security which he conveniently called
Ukyo.Loan – a derivative of his screen name, Ukyo.
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