Amalgam founder Jeremy Jordan-Jones charged with $1M crypto fraud. He presented Amalgam as a blockchain-based payment and security solutions developer, claimed partnerships with major sports brands, and promoted upcoming listings of the company’s token on global crypto exchanges. He now faces multiple charges, ranging from document falsification to identity theft, and the case is assigned to U.S. District Judge Arun Subramanian.
More on the Charges Against Jeremy Jordan-Jones
On May 21, the U.S. Department of Justice announced the launch of a criminal case against New York resident Jeremy Jordan-Jones. The case is also accompanied by a parallel civil complaint from the SEC, and by all appearances, it is a large-scale prosecution.
According to prosecutors, Jeremy Jordan-Jones raised over $1 million by misleading investors about the company’s capabilities and supposed partnerships. He presented Amalgam as a developer of blockchain-based payment and security solutions, claiming partnerships with major sports brands and promoting upcoming listings of the company’s token on global crypto exchanges. He also submitted false documents to a bank in order to obtain financing, assuring investors that their funds would be used for product development and marketing. In reality, the company had no functioning products, no clients, and no verified integrations. The funds were instead spent on personal expenses, including luxury goods.
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U.S. District Judge Arun Subramanian said:
“As alleged, Jordan-Jones, capitalizing on the publicity around blockchain technology, perpetrated a brazen scheme to defraud investors,” said U.S. Attorney Jay Clayton. “He touted his company as a groundbreaking blockchain startup, backed by high-profile partnerships. In reality, Jordan-Jones’s company was a sham, and investors’ funds were siphoned off to bankroll his lavish lifestyle. This should be an example to would-be financial fraudsters that the women and men of the Southern District and the FBI are watching and to the investing public that fraudsters often use the promise of new technology to cloak their schemes.”
FBI Assistant Director in Charge Christopher G. Raia said:
“Jeremy Jordan-Jones allegedly defrauded investors of more than one million dollars through misrepresentations of his purported company’s capabilities, partnerships, and investment intentions. Jordan-Jones’s alleged blatant lies funded his personal lifestyle at the expense of unknowing victims. The FBI is committed to apprehending any individual who employs deceitful tactics and illusionary business models to steal from trusted investors.”
Jeremy Jordan-Jones is now facing a range of charges, including:
- securities fraud (up to 20 years in prison)
- bank fraud (up to 30 years)
- making false statements to a financial institution (up to 30 years)
- aggravated identity theft (mandatory 2 years in prison)
Conclusion
Crypto fraud remains a problem, as this is a rapidly developing but still young industry — users and investors still lack sufficient knowledge about it. And there are always those who seek to take advantage of that. Stay with us for verified information and continue to build your knowledge, awareness, and expertise in the blockchain, crypto, and Web3 space.
