BitFunder operator ordered to pay $155,500 restitution in security fraud case – Cryptocurrency News

Jon Montroll, the operator of the shuttered Bitcoin ‎securities, exchange BitFunder and WeExchange, has been ordered to pay restitution of $155,000 by the New York Southern District Court. The restitution is in addition to his 14 months prison sentence. Jon Montroll was found guilty for securities fraud and obstruction of justice.

Earlier in July this year, BitFunder and WeExchange operator Jon Montroll was sentenced to 14 months prison time. In 2013 a hacker stole 6,000 bitcoins from the exchange that valued around $775,000 at the time. However, CEO of the company Jon Montroll did not report the hack and tried to pay off the investors using his own money, which did not work.

Later Montroll shut down the exchange after users failed to withdraw their funds. The court found him guilty for securities fraud and obstruction of justice for which he was sentenced 14 months in prison. Montroll told SEC that he knew about the hack.

Today the court finalized the amount of fine that Montroll owed to exchange users. Court announced him to pay $ 15,572.53 along with the prison time. He would also be supervised for three years after his release.

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Alexander Aryan
Alexander Aryan
After completing his Masters in Business Administration and Management from the California State University, Alexander dedicated his life into studying and writing about bitcoin and the technology behind it as he believes it to be the money of the future. Apart form being a writer, Alex is also a great speaker and loves to participate in blockchain events.

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