US Sentences Bitcoin Seller to 1 Year in Jail for Defrauding Investors
A bitcoin seller has been sentenced to one year and one day in jail for defrauding customers, according to a notice by the U.S. Department of Justice (DOJ). The man took money from customers but did not provide them with the agreed-upon bitcoin. Fraudulent Bitcoin Seller Going to Jail The U.S. Department of Justice (DOJ) announced last week that Michael Yusko has been sentenced to one year and one day in prison “for defrauding customers through unlicensed bitcoin business.” The 47-year-old resident of New Orleans sold bitcoin and other....
Related News
Seven executives of the collapsed South Korean scam cryptocurrency exchange, V Global, were recently handed lengthy jail sentences as punishment for their role in running one of the country’s biggest crypto frauds. Verdict Sets New Benchmark Seven former masterminds of the now-defunct scam crypto exchange, V Global, were recently given jail sentences for their part in misappropriating nearly $1.9 billion in investors’ funds. Lee Byung-gul, who was the CEO of the entity when the funds went missing, was handed a 22-year jail term while his accomplices were given jail sentences....
Russia’s Ministry of Finance (MinFin) has proposed jail sentences for the use of cryptocurrency, strengthening its opposition to the technology. According to a press release, those found guilty of using so-called “money surrogates” could face up to four years in prison. Current sentences are limited to a fine of up to 500,000 rubles or 2 years’ community service. The latest revision to the law has received the support of the Ministry of Economic Development and will be put before the Duma in the coming months, finance journal Vesti reports. “The use of money surrogates, including....
A Nigerian court has convicted and sentenced a man to one year in prison who is accused of duping an unsuspecting cryptocurrency investor. On its charge sheet, the prosecution said that the man had contravened Nigeria’s anti-fraud laws and hence should be punished accordingly. Fake Cryptocurrency Investment Scheme A court in Nigeria has convicted a man accused of using a bogus cryptocurrency platform to defraud $680 from an unsuspecting investor, a report has said. In its ruling, the Port Harcourt Zonal Command of the Economic and Financial Crimes Commission (EFCC) said the man,....
U.K. High Court has seized a UK-based crypto company for allegedly defrauding investors’ funds of around £612,425 (more than $700,00). The defendant company, PGI Global U.K. Ltd, offered 200% returns to investors for buying platform assets. And understandably, the company failed even to pay back the actual amount invested by people. The official’s probe into […]
The U.S. Securities and Exchange Commission (SEC) has charged a citizen of Latvia with defrauding investors in two crypto offerings. The fraudster “used fake names, fictitious entities, and fraudulent profiles to perpetrate his schemes, and misappropriated nearly all of the investor funds that were raised.” Two Fraudulent Crypto Schemes The SEC announced Thursday that it has “charged a Latvian citizen with defrauding hundreds of retail investors out of at least $7 million through two separate fraudulent digital asset securities offerings.” Noting that Ivars....