The Commodity Futures Trading Commission charged two Florida men for conducting a multi-million dollar bitcoin fraud and accused one of using his position as an attorney to trick investors.
Randy Craig Levine and Philip Reichenthal, an attorney, “induced” investors to send the lawyer $5.3 million to buy bitcoin from Levine. Reichenthal then used his title to “pose as an escrow agent” for the transactions, and investors were told that the lawyer would hold their funds in trust accounts until the investors received their bitcoin, the CFTC said Thursday in a statement.
“The conduct in this case is particularly reprehensible because one of the fraudsters was an attorney who should have known better, but instead took advantage of his title,” said Ian McGinley, the CFTC’s enforcement director.
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