The founder of a multi-million Ponzi scheme has escaped paying a $4.5 million civil penalty to the U.S. Securities and Exchange Commission (SEC). Jose Angel Aman from Florida started the digital currency company, Argyle Coin, which he allegedly operated along with Canadian radio host Harold Seigel and his son Jonathan Seigel. Authorities said Aman operated three consecutive Ponzi schemes, aka \u201ccompanies,\u201d which duped more than 300 investors from U.S., Canada and Venezuela of $30 million.\u00a0 As CoinGeek reported in December 2020, the U.S. District Court of Southern Florida sentenced Aman to seven years in jail and ordered him to pay $23 million in victim restitution. He was also asked to pay a $4.2 million penalty for representing profits gained from the fraudulent venture and a $325,033 prejudgment interest.\u00a0 However, Judge Robin Rosenberg from the U.S. District Court has recently ruled, \u201cIt is further ordered and adjudged that the civil penalty against Aman is dismissed. This amount shall be deemed satisfied by the restitution ordered in the parallel criminal case against Defendant.\u201d\u00a0 Judge Rosenberg also permanently restrained Aman from \u201cusing any means or instrumentality of interstate commerce, or of the mails, or of any facility of any national securities exchange in connection with the purchase or sale of any security.\u201d He must also not offer or engage in the sale of securities. Argyle Coin was a digital currency startup that claimed its token was backed by diamonds. While soliciting investors, Aman falsely promised high returns with virtually no risk to investors. After raising the funds, he used a small portion of it to develop the worthless token and pocketed the rest. Argyle Coin came after Aman had solicited investment in another fraudulent venture in which he claimed to be purchasing rough colored diamonds, polishing them, and reselling them at a profit. As the Department of Justice alleged, Aman and his partners, Harold and Jonathan Siegel, used the money \u201cto make purported interest payments to investors, to pay business expenses, to pay commissions to the partners, and to support his own lavish lifestyle.\u201d A group of Venezuelan investors sued Aman a year ago for defrauding them. They said they came to the United States \u201cto start new lives,\u201d and had invested in Aman\u2019s token after promises of lucrative returns.\u00a0 Follow CoinGeek\u2019s Crypto Crime Cartel series, which delves into the stream of groups\u2014from BitMEX to Binance, Bitcoin.com, Blockstream, ShapeShift, Coinbase, Ripple and Ethereum\u2014who have co-opted the digital asset revolution and turned the industry into a minefield for na\u00efve (and even experienced) players in the market.