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Abramoff Charged With Conspiracy In Alleged Bitcoin Scheme

Tiomkin Law Offices of Elliott Tiomkin > Legal News  > Abramoff Charged With Conspiracy In Alleged Bitcoin Scheme

Abramoff Charged With Conspiracy In Alleged Bitcoin Scheme

Law360 (June 25, 2020, 4:37 PM EDT) — Political lobbyist Jack Abramoff was charged Thursday in California for allegedly defrauding investors in what Abramoff, NAC Foundation and its CEO Rowland Marcus Andrade claimed to be a new and improved version of bitcoin.

The U.S. Department of Justice charged Abramoff with conspiracy to commit wire fraud and lobbying disclosure violations and charged Andrade with wire fraud. The U.S. Securities and Exchange Commission also alleges that Nevada-based NAC Foundation, Abramoff and Andrade violated anti-fraud and securities registration provisions of the federal securities laws and that Abramoff violated broker-dealer registration requirements.

The SEC said NAC Foundation collected at least $5.6 million by selling…

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