JPay Founder and Fund Manager Charged With $ 4 Million Business Fraud

By Max Jaeger (December 8, 2021, 9:42 p.m. EST) – The founder of JPay, one of the largest providers of technology to America’s prison population, and a financial services provider were arrested and charged on Wednesday over an insider alleged $ 4 million trading system, the US Department of Justice said on Wednesday.

Ryan Shapiro, who founded the company responsible for providing communications and money transfer services to 1.9 million inmates and parolees in 34 states, and Kris Bortnovsky have been charged with one count of conspiracy. to commit securities fraud that allegedly took place from August 2017 to November 2021..

Prosecutors say Shapiro and Bortnovsky used confidential profit and merger information from a confidential witness …

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