JPay Founder, Money Manager Charged In $4M Trading Fraud

By Max Jaeger (December 8, 2021, 9:42 PM EST) -- The founder of JPay, one of the largest technology providers to the U.S. inmate population, and a financial services provider were arrested and charged Wednesday in an alleged $4 million insider trading scheme, the U.S. Department of Justice announced Wednesday.

Ryan Shapiro, who founded the company contracted to provide communications and money-transfer services for 1.9 million inmates and parolees in 34 states, and Kris Bortnovsky were charged with one count of conspiracy to commit securities fraud that allegedly took place from August 2017 to November 2021.

Prosecutors say Shapiro and Bortnovsky used nonpublic earnings and merger information from a confidential witness...

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