Encrypted currency trader CabbageTech founder admitted to participating in cryptocurrency scams

According to Finance Magnates, in the federal court in Brooklyn, Patrick McDonnell (aka Jason Flack), who runs a bitcoin trading company, CabbageTech, admitted that he was involved in a cryptocurrency scam and defrauded nearly $2 million from investors. The court ruled that Staten Island-based CabbageTech (CDM) and its principal, Patrick McDonnell, implemented a fraudulent scheme involving the purchase and trading of cryptocurrency Bitcoin and Litecoin. According to US prosecutors, McDonnell was charged with nine securities and telecommunications fraud charges. If convicted, he will face federal imprisonment for up to 20 years.