FINRA Blacklists Colorado Trader Levine After His Brother Made Off With $1.5M In Bitcoin Scam

After Involvement With Bitcoin Scam, FINRA Blacklists Colorado-Based Trader

The Financial Industry Regulatory Authority (FINRA) regulates the brokerage firms and exchange markets as a non-governmental entity. The FINRA recently had some work on their handles with a crypto trader named Daniel Todd Levine in Englewood, Colorado. According to reports from The Next Web, Levine had been involved in a Bitcoin scam, inviting investors to purchase Bitcoin at a discount, promising major returns on the investment. Ultimately, this endeavor lost about $1.5 million in funds from investors.

In reports from CNBC, Levine planned to have his brother purchase Bitcoin from a private seller overseas, which would be at a rate of 60% to 90% lower than the current market value. He believed he would end up seeing $2 million in commission, as the investors contributed about $1.5 million that was ultimately transferred into Levine’s brother’s account. However, placing this type of money with a known US fugitive that resides in Europe was not the safest place to keep the funds, as it is believed that he’s run away with the funds.

Levine’s career previously took him to Morgan Stanley, but the company heard about the allegations against him. Rather than be fired, Levine quite not long after the company started to look into this crime. He started working with First Financial Equity, but they fired him when they found out that he had failed to tell them about the regulatory actions against him.

Reports indicate that some investors have received funds back, but there’s no record to show exactly how much of the investments have been refunded. While there has been no admittance or denial of guilt, he has spoken with FINRA, which will no longer allow him to interact with the securities industry in Colorado.

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