Executive of Bitcoin Escrow Platform Volatnis Involved in Fraudulent Activities Worth $7 Million

  • According to an indictment filing available online, the principal accused — Jon Thompson — was involved in four counts of wire and commodities fraud.
  • It is estimated that Thompson was able to steal over $7 million worth of funds from his clients.

As per an all new circular issued by US Department of Justice (DoJ), Jon Barry Thompson — an executive working for Volantis — has been found indulging in a number of fraudulent activities touted to be worth over $7 million.

In regards to the matter, it is being alleged that Thompson made a number of “false representations” about Volantis’ purported Bitcoin transaction service. Not only that, he also claimed to offer companies with low-risk crypto settlements by pretending to be a mutual custodian for all of the involved parties.

More on the Matter

In regards to this entire development, Manhattan U.S. Attorney Geoffrey S. Berman was quoted as saying that Tompson was using his credentials to illegally procure funds from his clients. He then went on to add:

“Jon Thompson induced investors to engage in cryptocurrency transactions through his company, Volantis Market Making, by touting a transaction structure that would eliminate any risk of loss during the purchase. As his clients soon realized, however, Thompson’s representations were false, and these cryptocurrency investors ultimately lost all of the money they had entrusted with him because of his lies.”

Talking about the case, Willam Sweetney Jr — FBIs Assistant Director-in-Charge — stated that Thmopson made use of confusing crypto related jargon to lure in investors and steal their hard earned money.

For more details related to the case, interested individuals can check out the filing that was signed on July 18. In all, Thompson has been accused of committing two counts of commodities fraud and two counts of wire fraud.

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