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Cryptocurrency Lawyer Jake Zamansky Speaks to CNBC About the Possible Investigation of Riot Blockchain CEO

May 30, 2019 In The News

Former Riot Blockchain CEO, John O’Rourke, may be included as part of a criminal investigation that has been launched by federal authorities in relation to “microcap fraud.” According to a CNBC article, the probe runs parallel with a civil case that the SEC brought against O’Rourke and others who were alleged to be part of “pump and dumps” unrelated to Riot.

Back in September, the SEC charged a group of individuals who allegedly took part in a scheme that resulted in over $27M from illegal stock sales. Based on transcripts of the civil case, the US Attorney’s Office in San Francisco will be handling the criminal case. In a comment to CNBC about the probe, cryptocurrency lawyer Jake Zamansky noted that the defendants “have bigger problems than the SEC.”

For more information about Riot Blockchain and other issues with cryptocurrency, refer to our prior articles below:

Riot Blockchain Announces “Material Weaknesses” in Financial Reporting Controls and Says it “May Never Become Profitable”

Riot Blockchain Reveals SEC Investigation Could Lead to Order Blocking Share Sales – CNBC

Jacob Zamansky Comments on CNBC’s Investigation into Riot Blockchain

SEC Issues New Warnings Regarding Online Cryptocurrency Trading