Feds charge Amalgam founder with stealing $1M via ‘sham’ blockchain

Jeremy Jordan-Jones, founder of the blockchain startup Amalgam Capital Ventures, faces multiple federal charges following his indictment on May 21, 2025. The Manhattan US Attorney’s Office alleges that Jordan-Jones orchestrated a sophisticated scheme to defraud investors of over $1 million. The indictment, filed in Manhattan federal court, details a pattern of deception spanning from January 2021 to November 2022.

According to the Department of Justice, Jordan-Jones presented Amalgam as a groundbreaking blockchain firm offering point-of-sale systems and blockchain-based payment solutions. However, the indictment claims Amalgam lacked operable products, significant customers, and legitimate business partnerships. These claims were used to lure investors and secure funding.

The indictment outlines how Jordan-Jones employed fabricated documents, fictitious sports partnerships, and misleading statements to deceive investors and financial institutions. He allegedly misappropriated the funds, exceeding $1 million, for personal enrichment. This included luxury purchases such as high-end vehicles, lavish vacations, designer clothing, and expensive meals in Miami.

Further evidence of deception involves a falsified bank statement presented to secure a company credit card. This statement falsely claimed Amalgam held over $18 million, while the account was actually closed and contained no funds. This action directly contributed to the overall fraud.

The charges against Jordan-Jones include wire fraud, securities fraud, making false statements to a bank, and aggravated identity theft. These charges carry substantial prison sentences: wire fraud and securities fraud each carry a maximum penalty of 20 years, while making false statements to a bank carries a maximum of 30 years. The aggravated identity theft charge mandates a two-year prison sentence. The government is pursuing forfeiture of any assets obtained through the fraudulent activities. The case highlights the risks associated with investing in startups and the importance of due diligence.