US Court Fines CEO Benjamin Reynolds $571M For Bitcoin Scam By CoinQuora

US Court Fines CEO Benjamin Reynolds $571M For Bitcoin Scam By CoinQuora
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 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

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