In brief
- A federal jury has convicted Japheth Dillman of wire fraud and conspiracy over the collapse of crypto fund Block Bits Capital.
- He told investors the fund’s automated trading software was complete and working when he knew it was not.
- He and a co-conspirator used the money to pay themselves and make speculative bets that lost heavily.
A federal jury in San Francisco has convicted the founder of a cryptocurrency trading fund of wire fraud and conspiracy, after prosecutors showed he sold investors on trading software he knew did not work, the Justice Department said on Monday.
Japheth Dillman, 48, raised close to $1 million from more than 20 investors in Block Bits Capital between June 2017 and August 2018, telling them the fund…
