Richard Iamunno – $20-Million Scam and Crypto Token Fraud

Richard Iammuno is the CEO of AIC (Atlantic International Capital LLC). He has a history of fraud and recently faced a $20 million lawsuit for the same. 

Richard used to run Delchain Ltd based in the Bahamas, a digital assets company which faced a lawsuit from Dreamr Labs for alleged fraud and breach of contract. 

Although I have covered the story before, I think it would be helpful to focus on the main suspect of the $20 million crypto fraud. The following Richard Iammuno review will help you understand why you should be extremely wary of working with him or Atlantic International Capital. 

Dreamr Labs’ Lawsuit Against Richard Iamunno

Dreamr Labs had filed a lawsuit against Richard Iamunno and his company, Delchain Ltd in March 2022. 

It alleged breach of contract and fraud. 

Dreamr Labs had filed the lawsuit after the price of its digital token had crashed 93% within three months of getting a listing on the Bittrex crypto exchange. 

I had covered that incident before on this platform. At the time, I was unsure of whether there was truly any fraud involved:

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However, the parties resolved the matter out of court in July 2022. The terms of their settlement are unclear but the fact that the defendants chose to settle suggests that they might have lost the case.

There are plenty of instances when guilty parties settle a case out of court to avoid severe penalties such as David Johnston CFO.

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Why the DMR Token Collapse and How Delchain was Involved

Dreamr had launched the Dreamr app which let users share their dreams in text or media format with others and gain support. 

The platform allowed users to crowdfund each others’ dreams and most users included graphic designers or software engineers. Their primary currency was the DMR tokens. 

Users could get DRM Tokens by participating in giveaways or buy them from Bittrex Global. 

Dreamr had worked with Delchain (Richard Iamunno) and Deltec Bank to launch the DMR token. 

However, the coin collapsed within three months of its launch and lost more than 90% of its value. 

The company claimed that Delchain and Deltec Bank had conspired by delaying the token release, among other things, and caused Drearm to lose more than $20 million. 

They said that instead of supporting their endeavor, each defendant conspired against the company and sabotaged their crypto token launch through delays, prevention of transfers of DMR tokens and coercing the company into an unjustified settlement agreement for more compensation. 

Here is how Dreamr believed how Richard Iamunno and his co-conspirators sabotaged their token launch:

  1. Delaying the First Launch:

Originally, Dreamr was going to launch its token in August 2021. However, they had to delay the launch to September 7 2021 solely because Delchain’s CEO said there were some due diligence issues.

But at the time, the company’s press releases were ready to go and they had already paid Bittrex Global and received an approved market open date for their token. 

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Dreamr alleged that Delchaied issued the unnecessary delay so they could funnel certain assets through the company before listing on the exchange. 

The tokens entered the market on September 12 2021. 

Withholding the Second Release:

Dreamr requested Delchain to release their locked-up DMR tokens in November. As Delchain was their custodian, it held their tokens and was supposed to release them between 90-120 days after the initial token listing. 

However, the company gave a lot of excuses to not release the tokens. 

First, the Delchain CEO claimed that they needed to schedule a video conference before releasing the tokens. Dreamr claimed that it was nothing more than a stalling tactic because the company had not mentioned it in initial planning. 

Then, Macchialli (Delchain CEO) claimed that they had received a letter from a third-party alleging fraud on Dreamr’s part and certain irregularities. 

By citing that letter as a reason, the company refused to release the locked-up tokens. 

Dreamr requested the company to expose the letter but Delchain and Richard Iamunno refused. 

Sudden Locked-up Token Release:

In the final week of November, Delchain released the locked-up DMR tokens suddenly. Dream highlighted that when they had initially requested the release of the locked-up tokens, it was valued at 0.12 cents. 

However, by the time they actually released the token, its value had plummeted to 0.06 cents per token.

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Dreamr argued that when Delchain, Deltec Bank and Richard Iamunno were refusing to release the locked-up tokens, they were actually selling their DRM tokens on the market. When they sold out and had maximized their profit, they released the rest of the tokens and caused its value to decrease further. 

How Richard Iamunno and Delchain Responded to the Lawsuit: 

At the time of the lawsuit, Richard had responded by saying that the $20 million damages claim was ‘unfounded’.

The reasoning his firm gave was that Dreamr Labs had lavished them with praise just a few months before making the allegations. 

Delchain was an affiliate of Deltec Bank & Trust. They released a statement where they pointed out that Dreamr Labs had hailed their role in the virtual token offering in October 2021. 

It’s worth pointing out that the cause of the lawsuit was a sudden 93% fall in Dreamr crypto token’s value within 90 days. 

Richard Iamunno’s company said that Dreamr Labs had called them a “leading digital asset firm” in a press release. Furthermore, they had thanked the company for its advisory role in helping the firm raise $2 million capital. 

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Delchain’s statement further said that they were aware of the complaint Dreamr Labs had filed against them and they claimed that all of those claims of fraud were unfounded and unsubstantiated. 

Richard Iamunno’s company claimed that projects in this industry don’t succeed every time. Delchain claimed that they only help their clients with a compliant launch strategy and provide regulated custody and conversion services. 

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Also, the company highlighted that their relationship soured quite rapidly. Within a month of the token’s listing, Dreamr released a press release where they thanked Delchain. 

However, Richard Iamunno’s company further claimed that they had not participated in a conspiracy to sabotage. 

In their statement, Delchain said that they provide their customers with top-level standards of custodial services and their clients always look for the best security and safety measures. That’s why the company has put in place various processes and procedures to safeguard against cyber security threats. 

These threats include malware, hacking attempts and many more. So, Richard Iamunno’s company claimed that they use identity validation and continuous monitoring of account activities to ensure everything goes smoothly. They claimed that they had provided all of these services to Dreamr Labs in compliance with the necessary policies. 

Moreover, the company claimed that they will defend itself vigorously in the matter and will assert all legal rights and remedies. 

Certainly, the company had released a long and well-prepared statement to counter the negative publicity. However, it’s pretty common for shady companies to make such claims. 

Many criminals and scammers never take any responsibility for their criminal activities.

Where is Richard Iamunno Now? 

Currently, Richard Iamunno is running Atlantic International Capital, another digital assets company. According to their website, they have partnered with multiple financial institutions and asset managers to facilitate digital currency opportunities. 

See also  Dreamr Labs Sues Delchain, Richard Iamunno and Deltec Bank after DMR Token Collapse

The company claims to offer the following services:

  • Crypto consulting for investors
  • Consultations for corporation ecosystems participating in the blockchain and cryptocurrency

Also, they offer digital assets consulting for athletes, high-net-worth individuals and entertainers. 

The company is located at 980 N. Federal Hwy Suite 402, Boca Raton, FL 33432. 

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Judging from the ‘Team’ section of AIC’s website, it seems to me that Richard has recruited his kids to join the company as well. 

Clearly, Richard Iamunno has no intentions of leaving the crypto market even though he recently faced a $20 million lawsuit for fraud. 


After going through all the facts, it’s clear that Richard Iamunno has a history of fraud and breach of contract. 

You should be extremely careful when dealing with him or his company, AIC. 

It would be best to avoid doing business with him altogether. There are plenty of other digital assets service providers with much better track records. 

You don’t need to deal with a company that ended up settling a $20 million lawsuit for fraud.

2.7Expert Score

Richad Iamunno has a history of fraud. He faced a $20 million lawsuit this year which was settled out of court. Beware of him and his new company, AIC.

  • None
  • History of fraud
  • Unreliable
  • Shady
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