Bitcoin Agent Avoids Prison For Lying To Get $3.25M Payment

Law360, New York (February 4, 2021, 5:55 PM EST) -- A Manhattan federal judge on Thursday allowed an escrow agent from Pennsylvania to avoid a prison sentence for lying to a cryptocurrency investment manager about having a large amount of bitcoins to deliver in exchange for $3.25 million.

At a sentencing held via videoconference, U.S. District Judge Edgardo Ramos sentenced Jon Barry Thompson to three years of supervised release and ordered him to pay back $3.25 million to New York Bitcoin investment manager Iterative OTC LLC.

In handing down a sentence far lighter than the approximately three-and-a-half-year prison term requested by prosecutors from the Manhattan U.S. attorney's office, Judge Ramos credited...

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