Former Comox man accused of cryptocurrency trading bot fraud

3 hours ago 12

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A former Comox man is accused of using $4.6 million raised to invest in a cryptocurrency trading bot on personal spending, including travel and luxury items.

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The B.C. Securities Commission alleges that between 2021 and 2024 Connor Sinclair Gardiner-Ingram took that amount of money from a group of investors, including some who handed over cash through an Australian middleman.

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Gardiner-Ingram promised the investors he would use the money to invest in a cryptocurrency trading bot and that after a period of time he would cash out and return the money to investors plus profit.

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A cryptocurrency trading bot makes automatic cryptocurrency trades based on certain market conditions or prices.

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“Instead, Gardiner-Ingram allegedly used the funds on items and expenses unrelated to the purposes of the investments, including travel, jewelry, luxury goods, vehicles, transfers to his family and cash withdrawals,” the BCSC states. “By doing so, the BCSC alleges that Gardiner-Ingram committed fraud under B.C.’s Securities Act.”

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The BCSC also claims Gardiner-Ingram lied to them under oath by stating another person told him what to say to investors, that his cousin was the person who coded the bots and that he had accounts or a line-of-credit at Silicon Valley Bank.

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Gardiner-Ingram or his counsel have until Sept. 15 to make a case before the BCSC, after which a hearing will proceed regardless.

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Gardiner-Ingram is now based in Alberta.

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