Securities Arbitration Lawyers BlogSilver Law Group Defending Thousands of Investors in an International Fraud Case Against Cryptsy CEO
Paul Vernon’s former clients say he stole millions from Cryptsy, which traded Bitcoin and other digital currencies, and then fled the country with $8M in investor funds. Now we’re representing them in a class action lawsuit.
Paul Vernon, CEO of Project Investors Inc., which does business as Cryptsy, a Delray Beach-based digital currency exchange, fled to China with $8 million dollars in client money, allege a group of international investors we’re currently representing in class action suit that was certified by U.S. District Judge Kenneth Marra in West Palm Beach on August 24.
In 2015, Vernon notified Cryptsy clients that software problems were causing the company to pause all electronic wallets. That December, he notified them of a phishing scam targeting the site. Plaintiffs alleged that Vernon shut down the exchange and stopped responding to client inquiries in late 2015.