Bitcoin scam runner and owner of Control Finance Limited, Benjamin Reynolds, was caught by the US Government after many years of investigations and search.
After a court ruling, Reynolds is now charged to pay around $570 Million back for his wrongful actions. The fine included around $143 Million for committing fraud with the customers and a civil monetary penalty of around $429 Million, which was the main contribution to the huge fine. The request for the fine was submitted by the Commodity Futures Trading Commission themselves for Reynold’s scam that ruined many lives of individuals and businesses who got caught in the trap that Reynolds had set up.
The investigation team at CFTC uncovered all of the activity that Benjamin was conducting. Reynolds had placed the scam trap in around May of 2017, which continued throughout the summer, ending in around October of that same year. It was reported that there were around 169 people who got trapped in Reynold’s cage.
Being the owner of Control Finance, Benjamin had conducted all sorts of scams worldwide. Control Finance required users to submit Bitcoin into its wallet and assured its customers that they would receive profits, mainly from hedge funds, whenever there was a change in price, while also providing attractive features of management of their investment. Control Finance also had a referral link generation system in which customers investors would receive bonus rewards for referring the service to other people who used the issued link to sign up and invest.
The offers seemed to be very attractive to a lot of unfortunate people, which led them to make investments in the offerings. Little did they know, Benjamin had other plans. After receiving the investment, Reynolds quickly started moving the money around different wallets to secure his profits. To keep users engaged with rewards, Reynolds used investments of certain users to cover up his activities and maintain the trust of investors. Control Finance started to feel sketchy when users started to request refunds. The company kept on delaying the refund requests. This made the investors angry, leading to a thorough investigation taking place.
Benjamin Reynolds, a Ghost Lurking
As Benjamin faces the Authorities, his identity is not present. It’s like he is a ghost. Nobody has any clue where he came from. Certain people have started to build up conspiracy theories about the man, thinking that the person caught is not the real Benjamin and seems to be a fake. The identity of Benjamin is still in the works, according to the investigation teams.