Former Bitcoin Insurance Advisor Accused of Securities Fraud

Justice

More than a year ago, an bid began to offer word products to companies in a bitcoin space – an intriguing thought during a time given a decline of a attention and the inability of startups to secure this word for user funds.

The beginning noted some pivotal early successes – confidence startup BitGo and wallet use Xapo would go on to acquire word by approach of those efforts – though during slightest one of those concerned says direct for insurance, quite bitcoin burglary insurance, never entirely materialized.

Now, a former boss and owner of a business try dedicated to compelling these word products to bitcoin companies is confronting critical rascal allegations.

Court documents performed by CoinDesk lay that Joseph Donnelly, owner and ex-president of Bitcoin Financial Group borrowed $300,000 from Raymond and Suzanne DeBiasa of New Jersey in 2008 to deposit a money, though unsuccessful to repay a funds.

Instead, it is alleged, Donnelly, along with another particular named Ahuby Donnelly, diverted to supports for personal use – and as a means of appropriation for Bitcoin Financial Group in a venture’s infancy.

Allegations raised

Bitcoin Financial Group is named as one



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