Control-Finance
A UK-registered operation that the CFTC says fraudulently solicited at least 22,858 BTC (~$147M) from more than 1,000 customers in 2017 by falsely claiming expert trading and referral rewards. A U.S. court entered a default judgment against principal Benjamin Reynolds.
Also known as: Control-Finance, Control Finance, Benjamin Reynolds
Summary
Control-Finance Limited, run by Benjamin Reynolds of Manchester, England, solicited Bitcoin from the public in 2017 on the promise that specialized traders would generate guaranteed profits, supported by an elaborate affiliate-referral program. The U.S. Commodity Futures Trading Commission (CFTC) says it was a fraud and misappropriation scheme. [1][2]
Scale and outcome
The CFTC alleged Reynolds obtained at least 22,858 BTC — worth at least $147 million at the time — from more than 1,000 customers, made no trades on their behalf, paid no promised rewards, and made Ponzi-style payments before shutting down and keeping the deposits. After Reynolds failed to appear, a U.S. court entered a default judgment in 2021 ordering about $143 million in restitution and a $429 million civil penalty. [1][2]
Bracketed numbers refer to the numbered sources listed below.
People & entities involved
Sources (2)
See also
- Loci (LOCIcoin)TokensA 2017–2018 ICO for 'LOCIcoin' tied to the InnVenn IP-search platform. The SEC charged Loci and CEO John Wise with fraud for raising $7.6M on false claims about revenue, headcount, and user base; Wise also misused investor funds. Settled with a $7.6M penalty and an officer/director bar.
- Blockchain Terminal (BCT)TokensA 2017–2018 ICO (BCT tokens, ~$30M) for a 'Blockchain Terminal' — a Bloomberg-style crypto trading terminal. The SEC and DOJ said convicted ex-hedge-funder Boaz Manor secretly ran it under a fake identity ('Shaun MacDonald'), using associate Edith Pardo as a front, and lied about the product's adoption.
- Crowd Machine (CMCT)Tokens
This page was last updated on Jun 8, 2026. View revision history.