US Court Fines CEO Benjamin Reynolds $571M For Bitcoin Scam
CoinEdition
Published Mar 28, 2021 08:39AM ET
Updated Mar 28, 2021 09:00AM ET
US Court Fines CEO Benjamin Reynolds $571M For Bitcoin Scam
- The US District Court has fined Control-Finance LTD CEO Benjamin Reynolds for operating a Bitcoin scam.
- The Court has ordered Reynolds to pay a whopping $571 million for operating fraudulent activity.
The US District Court has fined Control-Finance LTD CEO, Benjamin Reynolds, over $571 million. Reynolds operated a Bitcoin scam in which he got over 22,190.542 worth of bitcoin, according to court reports.
Based on a press release, Reynolds got the said amount of bitcoin from not less than 1,000 customers.
However, talking about the fine, the Court has ordered Reynolds to pay $571 million for operating such fraudulent activity. Of note, Reynolds will pay the money not for the court’s benefit but as a payback to the victims.
Under the Reynolds Bitcoin scam, he promised to give higher profits to anyone who invested in BTC via his custody services. In addition, Reynolds told investors that their money would only be accessed by trading managers.
Continuously, Reynolds also promised that he would ...
This article was first published on coinquora.com
Continue reading on CoinQuora
Get The News You Want
Written By: CoinEdition
Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.