Bitcoin Forum
April 19, 2018, 06:31:04 PM *
News: Latest stable version of Bitcoin Core: 0.16.0  [Torrent]. (New!)
   Home   Help Search Donate Login Register  
Pages: [1]
Author Topic: [2016-02-24]Former Bitcoin Insurance Advisor Accused of Securities Fraud  (Read 204 times)
Sr. Member
Offline Offline

Activity: 372
Merit: 250

View Profile
February 24, 2016, 08:52:50 PM

More than a year ago, an effort began to offer insurance products to companies in the bitcoin space – an intriguing idea at the time given the infancy of the industry and the inability of startups to secure this protection for user funds.

The initiative marked some key early successes – security startup BitGo and wallet service Xapo would go on to acquire insurance by way of those efforts – but at least one of those involved says demand for insurance, particularly bitcoin theft insurance, never fully materialized.

Now, a former president and founder of a business venture dedicated to promoting these insurance products to bitcoin companies is facing serious fraud allegations.

Court documents obtained by CoinDesk allege that Joseph Donnelly, founder and ex-president of Bitcoin Financial Group borrowed $300,000 from Raymond and Suzanne DeBiasa of New Jersey in 2008 to invest the money, but failed to repay the funds.
Pages: [1]
Jump to:  

Sponsored by , a Bitcoin-accepting VPN.
Powered by MySQL Powered by PHP Powered by SMF 1.1.19 | SMF © 2006-2009, Simple Machines Valid XHTML 1.0! Valid CSS!