UAE to Jail Promoters of Fraudulent Cryptocurrency Schemes for Five Years, Of...
Fraudsters promoting online cryptocurrency scams in the United Arab Emirates (UAE) now face a possible five-year jail sentence plus a fine of up to $272,000, according to a report. The new measures, which are set to take effect on January 2, 2022, are part of the government’s effort to protect people from online scams. New Measures Seek to Protect Internet Users As part of UAE’s new online security laws which go into effect on January 2, 2022, promoters of online cryptocurrency scams now face a possible five-year jail term and a maximum fine of over $270,000. ....
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A trader on Localbitcoins and Paxful has pleaded guilty to charges in connection with a couple of bitcoin scams. The U.S. Department of Justice alleges that the trader knowingly sold bitcoin to victims of fraudulent schemes. Bitcoin Trader Facing Jail Time The U.S. Department of Justice (DOJ) announced last week that a Boston man has pleaded guilty in federal court to his role in two bitcoin fraud schemes. Austin Nedved “pleaded guilty to aiding and abetting wire fraud and money laundering conspiracy,” the DOJ detailed, adding that the 29-year-old is currently “in custody....
The Securities Exchange Commission (SEC), US Government agency, has issued a warning about cryptocurrency's associations with Fraud and Ponzi schemes. They issued a statement warning that: They are more likely to be used by fraudsters to perpetrate fraudulent investment schemes. Dara Kerr, writing in CNET, reports that the US Securities and Exchange Commission (SEC) issued an advisory on Wednesday that warned potential investors to be wary of Bitcoin and other cryptocurrencies. The advisory states that: "Both fraudsters and promoters of high-risk investment schemes may target Bitcoin....
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....
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....
The interior ministry of Russia has decided to go after those providing money-laundering services to crypto fraudsters, suggesting they should go to prison. The department wants to introduce criminal liability for the activities of these people, also known as ‘droppers.’
Law Enforcement in Russia Targets Droppers Involved in Fraudulent Crypto Schemes
The Ministry of Internal Affairs of the Russian Federation (MVD) and other security agencies are hoping to introduce criminal liability for citizens providing assistance to scammers that exploit the popularity of....