Key Facts:
- Jeremy Jordan-Jones, who claimed to be the founder of the crypto startup Amalgam, has been charged with fraud for allegedly deceiving investors out of over $1 million.
- Prosecutors allege he misled investors with false claims of partnerships with renowned sports teams and a restaurant network to secure funding.
- The allegations include wire fraud and securities fraud, which could lead to a maximum punishment of 82 years in prison.
Prosecutors assert that Jordan-Jones deceived investors into thinking Amalgam developed innovative blockchain payment systems, purportedly linked with high-profile partners such as the Golden State Warriors and major restaurant chains, with these partnerships being entirely fabricated.
While presenting these false narratives to gain investor trust—including from a venture capital firm, identified as Brown Venture Group—Jordan-Jones allegedly spent the invested funds on a lavish lifestyle, including expensive hotel stays and luxury vehicles.
U.S. Attorney Jay Clayton remarked in a press statement, “Jordan-Jones utilized the blockchain’s buzz to execute a blatant fraud scheme, promoting his company as a pioneering startup, while, in reality, it was a facade to fund his extravagant life.”
Furthermore, Jordan-Jones reportedly provided falsified documents to secure a corporate credit card, amassing a $350,000 balance before the account was closed.
He faces multiple charges including wire fraud, securities fraud, making false statements to financial institutions, and aggravated identity theft, which together could result in a severe prison term.
