US Court Convicts ‘My Big Coin’ Founder in $6 Million Fraudulent Cryptocurren...
A federal jury has convicted the founder of “My Big Coin” in a fraudulent scheme that swindled $6 million from cryptocurrency investors. The defendant made several false claims, including that the coins were backed by gold and that the company had a partnership with Mastercard. My Big Coin’s Founder Convicted The U.S. Department of Justice (DOJ) announced Thursday that the founder of My Big Coin Pay Inc. (aka My Big Coin), Randall Crater, has been convicted in a cryptocurrency fraud scheme. The 51-year-old from East Hampton, New York, defrauded investors of over $6....
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A U.S. court has sentenced Jerry Ji Guo, a resident of San Francisco, to an effective six months in prison for his role in a fraudulent initial coin offering (ICO). In addition to the prison term, the court ordered Guo to pay over $4 million in restitution. Further, Guo will also cooperate with the government in the identification and return of the stolen property. Embezzlement of Client Funds In a statement, the United States Department of Justice (DOJ) says Guo, who pleaded guilty on August 26, 2019, had presented himself “as an ICO consultant and promised his clients he would....
Japanese authorities aren’t hesitating in hunting down anyone considered a crypto tax evader. A court in Ishikawa has sentenced one of them, a 56-year-old man that will spend one year in prison, plus pay a $200,000 fine. Sentenced Man Didn’t Disclose His BTC Trading Activity of the Period 2017-2018 According to Chunichi, a judge at the Kanazawa District Court imposed a fine of over 22 million yen ($200,000) and gave a one-year-long sentence to Hideji Matsuda, an office worker in Ishikawa, for violating the Income Tax Law. The judge concluded that the man didn’t file....
Sohrab Sharma, a co-founder with the now-defunct Florida cryptocurrency firm, Centra Tech, has been sentenced to eight years in prison after he pleaded guilty to charges of duping investors via a fraudulent initial coin offering (ICO). Additionally, the court has ordered Sharma to forfeit $36,088,960. Material Misrepresentations Prior to Sharma’s sentencing, the U.S. Department of Justice (DOJ) similarly announced the jailing of Robert Joseph Farkas, another mastermind of Centra Tech. Both Sharma and Farkas are accused of using fabricated business relationships with legitimate....
The Commodity Futures Trading Commission (CFTC) has filed a motion with the New York Southern District Court that seeks heavy penalties against Michael Ackerman, the mastermind of a fraudulent cryptocurrency scheme. According to the motion, the U.S. agency wants the court to order Ackerman to pay $27 million in restitution plus a civil penalty of $81 million. Additionally, the CFTC wants a default judgment issued against Ackerman after he failed to turn up for the initial motion hearing. The initial motion filing, which the agency filed together with the U.S. Securities and Exchange....
The founder of the Argyle Coin Ponzi scheme has escaped paying a $4.5 million penalty to the SEC for operating a “web of fraudulent companies.” The founder of a multi-million crypto Ponzi scheme has escaped paying a $4.5 million penalty to the U.S. Securities and Exchange Commission. On March 23, the U.S District Court of Southern Florida initially ordered Jose Angel Aman to pay the SEC more than $4.2 million in disgorgement, and $300,000 in prejudgement interest. However, the court deemed the bill was satisfied that same day due to restitution paid in a parallel case from 2019. According....