Dominic Lacroix was forced to transfer $ 3.7 million in Bitcoin to court

infoslink (68)in #bitcoin • 6 years ago

Dominic Lacroix, a businessman suspected of fraud, was forced to transfer the equivalent of $ 3.724 million in Bitcoins in the courtroom at the Quebec courthouse on Friday, July 6th..

A transfer of $ 3.7 million in Bitcoins

PlexCoin, a cryptocurrency created to compete with Bitcoin, was launched by Lacroix. The Autorité des marchés financiers (AMF) and the US authorities have suspected the founder of the digital currency, fraudulent fundraising. It appears that he participated in the theft of nearly $ 15 million to thousands of investors.

The man has obtained nearly 778 Bitcoins from investors of its digital currency. He seems to have spent a great deal of money on luxury cars and real estate.

Judge Raymond W. Pronovost explicitly ordered Lacroix to transfer 420 Bitcoins valued at 3.7 million Canadian dollars. An order of the Financial Markets Court requested the transfer of a password of 50 characters, necessary for the transfer. However, the accused refused to execute by retorting:

"It's a key of 50 characters encrypted, I do not know it by heart. It was complicated.

Frozen assets

The Securities and Exchange Commission (SEC) and the AMF were able to freeze the assets of Dominic Lacroix and his wife , also present at the trial, Sabrina Paradis-Royer.

However, Mr. Hugo Babos-Marchand, the representative of the provisional administration appointed by the Court to monitor the couple's assets, said that cryptocurrency holdings "can be easily transferred because of their volatility". (Editor's note: "reason" does not make sense ...)

The judge reminded Lacroix that his refusal could constitute contempt of court last Friday, which forced him to reluctantly accept the transfer to the full court room. A computer was brought into the courtroom for the accused to proceed with the transfer.

Dominic Lacroix and Sabrina Paradis-Royer will return to the judge next Wednesday.