The Attorney has been charged with numerous charges reading the wire fraud. This fraud carries a long twenty-year prison. In addition, the federal prosecutors of New York announce that Philip Reichenthal has pleaded guilty to the fraud he committed.
Philip defrauded investors into a scheme.
Attorney Philip Reichenthal filled the investors into a scheme that thought they were investing in Bitcoins. He pretended that he was the escrow agent that would help in the transaction. Randy Craig Levine, an international fugitive and a former Coral Springs resident, was involved in the scheme. Randy Craig Levine induced and forced different victims to give the money to buy Bitcoins. On the other hand, since Reichenthal was a licensed attorney, no one even questioned the transaction. As a result, millions of Dollars were transacted in the scheme.
Levine was majorly involved in the fraud.
The Justice Department made a press release in which they mentioned that Randy Craig Levine was the main person involved in the scam. Levine was the one responsible who conniving the first victim to make the transfer. He made the transfer into a crypto firm called the Volantis Entities. He forced him to wire a transfer of $3 million to Reichenthal. They promised that this fund would be used to buy Bitcoins. More than $2 million was eventually transferred to the account directly linked with Levine.
Between February and May of 2019, they tried to make another big transaction that was moreover directed in a similar way. They used the money and wired it to another account in the name of Bitcoins. The Florida Bitcoin investor, in this case, sent more than $10 million to the account holder. In this case, they also did not purchase the Bitcoin and made a $1.9 million transfer to an account in Mexico, which was again found to be linked with Levine.
Now, when the Attorney is caught and questioned, he is pleading with his guilty and asks the justice system to spare him and the penalties sanctioned.
