Toronto (December 12, 2019) – The Ontario Securities Commission (OSC) announced the sentence of Oliver Folkard for conducting a bitcoin trading scheme. Justice Philip Downes sentenced him to eight months in prison and three years of probation for defrauding at least 14 people out of approximately $155,000. He conducted a bitcoin trading scheme, alongside Joseph Goldfinger and his father Rupert Folkard, through his company BMFC Financial Services Inc. between January 2014 and February 2016.
Oliver Folkard was sentenced by the Ontario Court of Justice for a bitcoin trading scheme. According to a press release of the Ontario Securities Commission (OSC) from December 10, Oliver Folkard, Joseph Goldfinger and his father, Rupert Folkard, conducted a scheme and defrauded at least 14 people out of approximately $155,000 between January 2014 and February 2016. In March 2016, the three men were charged with Fraud Over $5,000.
Folkard’s bitcoin trading scheme
According to the OSC press release, Oliver Folkard encouraged victims to participate in a bitcoin trading investment through his company BMFC Financial Services Inc. The investigation revealed that almost all investor funds were fraudulently used for the personal gain of Oliver Folkard.
Furthermore, as part of the scheme, Oliver Folkard presented himself as a Certified General Accountant. He offered clients to fix credit ratings and obtain lines of credit – services he never provided after being paid.
Two-year jail-term for Folkard
After Oliver Folkard pleaded guilty, he has been sentenced by Justice Philip Downes to eight months in prison and three years of probation following his release from prison. Additionally, Joseph Goldfinger received a suspended sentence and was placed on probation for two years, earlier this year. Rupert Folkard passed away in September 2018 prior to trial.
‘The OSC will continue to prosecute and seek jail time for people who prey on Ontario investors,’ said Jeff Kehoe, Director of Enforcement at the OSC.
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