FinanceFeeds’ revealed, on July 20, that the founder of the shutdown bitcoin stock exchange, BitFunder, Jon Montroll is trying to work on a “plea agreement” with the U.S Securities Exchange Commission (SEC), for both his and BitFunder’s multiple fraud and scam activities.

The reporting stated that a law official representing Montroll in the many indictments has presented a document, which explicitly stated, “a plea agreement agreed upon in principle and expected to be finalized and entered by July 23”.

The overall operations of BitFunder was illegally done, as SEC unveiled that Montroll was conducting his businesses without having the appropriate registrations. Furthermore, it was disclosed that the entire platform was created in an attempt to cheat crypto investors.

Montroll was also charged on a personal count of falsifying data and hiding a 2013 hack of his previous exchange, dubbed ‘WeExchange’. The hack resulted in the theft of 6000 bitcoins, which Montroll tried to conceal it even more by putting some of his own funds into the exchange.

William Sweeney Jr., the FBI Assistant Director-In-Charge gave an in-depth explanation as to what went down, the crimes that were charged, and what Montroll did to cover up. In particular, he shared that:

“As alleged, Montroll committed a serious crime when he lied to the SEC during sworn testimony. In an attempt to cover up the results of a hack that exploited weaknesses in the programming code of the company, he allegedly went to great lengths to prove the balance of bitcoins available to BitFunder users in the WeExchange Wallet was sufficient to cover the money owed to investors.”

Since BitFunder’s closure as early as November 14, 2013, the SEC has supposedly evaluated the exchange, and it was not only until this year that official charges were made. With just three days left until the finalized decision, do you believe that the SEC will agree to the appeal?

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