Following the July 15 ruling in the SEC case against Abramoff, Jack Abramoff will have to pay $ 55,000 in consideration and interest for his participation in the illegal AML Bitcoin action. Abramoff would also be strictly prohibited from participating in future securities offers.
The San Francisco court behind the verdict sees recurrent criminal charges. in which Abramoff also pleaded guilty but the verdict remains uncertain.
The story behind the case
The SEC filed charges against Abramoff and Rowland Marcus Andrade in late June, alleging that during its first coin offering (ICO) in 2018, AML Bitcoin exposed fake technical skills that Andrade had embezzled funds from investors in the project.
On the way to the Cointelegraph, Andrade attributed most of AML Bitcoin’s current legal issues to Abramoff’s false claims:
“Jack did exactly what he did to others in the past. He convinced us to give him and his employees more than a million dollars. Abramoff reportedly received bribes from all of the employees we paid the money to. Jack would tell us who needed to be hired and what they could do for us. Abramoff and his employees have promised us the world several times as long as we continue to pay. We should now be billionaires if at least 5% of what Abramoff and his colleagues have said is true. “
Cointelegraph contacted Abramoff several times in the past few weeks, but he was not available to comment.
Abramoff’s story before cryptocurrencies
In 2006, Abramoff began a six-year prison sentence that ended in four due to a severe corruption and bribery scandal.
In the criminal case against you, Abramoff faces two separate sentences of up to five years for conspiring and violating the Lobby Disclosure Act.