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Jack Abramoff charged with cryptocurrency fraud

Jack Abramoff charged with cryptocurrency fraud

Jack Abramoff charged with cryptocurrency fraud
June 29
07:46 2020

The lobbyist behind famous scandals Jack Abramoff was charged with a fraud case involving AML bitcoin cryptocurrency. After serving a sentence for the previous case, now Abramoff might be returning to jail.

As announced by the US Department of Justice, Abramoff, together with Rowland Marcus Andrade, was charged with a cryptocurrency fraud connected to $5 million in AML bitcoin. Abramoff pleads guilty on charges of helping Andrade in defrauding investors using false claims of a potential new cryptocurrency ALM bitcoin.

Andrade was charged for pretending to be the inventor of a new cryptocurrency ALM bitcoin and related to it technology that would be used anonymously and help in the prevention of money laundering. Investors have purchased over $5 million in the new cryptocurrency, the funds which Andrade misused.

Abramoff was charged with conspiracy and also with a violation of the Lobbying Disclosure Act. Apart from the criminal charges, both individuals also received civil charges filed by the US Securities and Exchange Commission. Abramoff is reported to have accepted the charges, which means he is facing up to 5 years of jail time.

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