Amalgam Founder Jordan-Jones Charged in $1M Crypto Fraud Case

Jeremy Jordan-Jones, who claims to have founded Amalgam, a failed crypto company, has been accused of defrauding investors out of more than $1 million. According to prosecutors, he spent the funds on a luxurious lifestyle and did not use them to build the payment system he promised.

Jordan-Jones claimed Amalgam developed blockchain-based point-of-sale payment systems and boasted fake multi-million-dollar partnerships with big names like the Golden State Warriors, a Premier League soccer team, and a major restaurant group with over 500 locations. Prosecutors say none of these partnerships existed.

He convinced investors, including a venture capital firm named Brown Venture Group, that their funds would help list Amalgam’s crypto token on an exchange. Instead, Jordan-Jones spent investor money on hotels and restaurants in Miami, luxury cars, and designer clothes.

U.S. Attorney Jay Clayton called the scheme “brazen,” warning other fraudsters that law enforcement is watching. “Jordan-Jones’s company was a sham, and investors’ funds were siphoned off to bankroll his lavish lifestyle,” Clayton said.

Prosecutors also accused Jordan-Jones of submitting fake documents to a bank to get a corporate credit card, racking up a $350,000 balance before the bank shut it down.

He faces charges including wire fraud, securities fraud, making false statements, and aggravated identity theft. If convicted, Jordan-Jones could face up to 82 years in prison.