A man was sentenced to 15 months in prison for misappropriating $1.1 million in Bitcoin and Litecoin. He was accused of stealing $600,000 in cryptocurrency from his firm Consolidated Trading LLC to cover personal losses trading crypto futures on foreign exchanges. After being fired he lost another $545,000 in a fraudulent scheme that victimized at least 5 investors. Prosecutors called this the first criminal prosecution in Chicago involving crypto trading.
- Is cryptocurrency trading fraud just as bad as more typical white collar crimes?