Prosecutors have formally charged Jeremy Jordan-Jones, the self-proclaimed founder of the now-defunct crypto startup Amalgam, with fraud. He is accused of stealing over $1 million from investors through his “sham blockchain” scheme and funding a luxurious lifestyle in the process.
According to authorities, Jordan-Jones falsely promoted Amalgam as a cutting-edge tech company specializing in blockchain-based point-of-sale payment systems. He claimed to have secured multi-million-dollar partnerships with prominent organizations, including the Golden State Warriors, a Premier League soccer team, and a major restaurant group with over 500 locations—none of which actually existed. Additionally, he solicited investments by promising to list Amalgam’s non-existent crypto token on a crypto exchange, convincing investors their money would facilitate this process.
While spinning elaborate stories to attract investors—including a venture capital firm identified in a 2022 Forbes article as Brown Venture Group—Jordan-Jones allegedly used the stolen funds to indulge in a lavish Miami lifestyle. Reports indicate he spent money on upscale hotels, fine dining, car payments, and designer clothing, all funded by investor money.
U.S. Attorney Jay Clayton highlighted the brazen nature of the scheme, stating, “Jordan-Jones exploited the hype around blockchain technology to defraud investors. He falsely claimed high-profile partnerships to boost credibility, but in reality, his company was a complete sham. Investors’ funds were diverted to finance his extravagant lifestyle. This case serves as a warning to both the public and aspiring fraudsters that law enforcement and the FBI are actively watching—and that promising new technology is often used to cloak scams.”
The charges against Jordan-Jones also include providing forged documents to a financial institution to fraudulently obtain a corporate credit card, which he used to rack up a $350,000 balance before the bank shut down his account.
He faces multiple charges: wire fraud, securities fraud, making false statements to a financial institution, and aggravated identity theft. These charges could result in a combined maximum sentence of 82 years in prison, with the identity theft charge mandating at least two years behind bars.
This case underscores the importance of vigilance in the rapidly evolving crypto space and the ongoing efforts of law enforcement to protect investors from sophisticated financial scams.
