Colorado $1.5 Million Scam in Bitcoin of Levine Brothers

By Jenny Aurora | March 27, 2019
Colorado $1.5 Million Scam in Bitcoin of Levine Brothers

Daniel Todd Levine, a Colorado native, has been banned from trading because of the alleged losing $1.5 million Bitcoin in investor funds. Levine invited all investors to purchase BTC at a discount, promising major returns on the investment. According to The Financial Industry Regulatory Authority (FIRA), Levine’s brother bought BTC from an overseas private seller with a discounted rate of 60 to 90%, compared to the market value.

He was expecting to receive approximately $2 million worth of commission. However, after received $1.5 million of the inventors, his brother, who is a U.S. fugitive residing in Europe, ran away with the money.

Levine used to be a financial advisor at Morgan Stanley, but he quit mid-last year since the company began to investigate an allegation against him. Then he moved to First Financial Equity Corp, but they fired him when they knew that he had failed to make clear the allegation against him.

Levine has returned some funds to the investors, but no one knows the total amount exactly. He then signed a consent order, which will no longer allow him to interact with the securities industry in Colorado.

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