A US federal court has indicted Jeremy Jordan-Jones, the founder of Amalgam Capital Ventures, on charges related to defrauding investors out of a million dollars in a cryptocurrency scheme. The indictment includes wire fraud, securities fraud, making false statements to banks, and identity theft. 50 years in prison is the maximum punishment, though an actual sentence will be decided by the judge. The FBI and SEC played key roles in this investigation, with the SEC filing a parallel civil action as well. Jordan-Jones allegedly misrepresented his company’s technologies, falsely claiming partnerships and listing plans for a native token on major exchanges when none existed. He even used fabricated financial documents to secure funding from investors. The indictment alleges that he channeled investor funds into his personal lifestyle while providing no returns or product development. As a result of the fraud, Amalgam Capital ultimately folded in late 2022, leaving investors with significant losses. He is now facing multiple federal charges, including aggravated identity theft. US Attorney Jay Clayton has highlighted this case as a stark warning to potential financial fraudsters. This conviction adds another layer of scrutiny to the growing issue of cryptocurrency scams and their impact on both investors and businesses. Clayton, former SEC chairman, is known for leading many enforcement actions that have recovered billions of dollars for victims of fraudulent schemes. The US Attorney’s office has been active in bringing down crypto fraudsters with several recent high-profile cases.