New day, more fraud. Former SF Man Gets Four Years In Prison, $5 Million Fine In Crypto Fraud Scheme https://sfist.com/2024/01/12/former...prison-5-million-fine-in-crypto-fraud-scheme/ A one-time San Francisco man was just sentenced to four years in prison for a cryptocurrency scheme that promised “10% returns every 30 business days,” but actually made no money whatsoever, and now he’s headed to prison for four years. A former San Francisco resident was just sentenced to four years in prison, and ordered to pay a $5 million fine, for a cryptocurrency scheme that bilked investors out of an estimated $61 million, according to the Department of Justice. William Koo Ichioka’s firm Ichioka Ventures promised investors that “they would earn 10% returns every 30 business days,” according to a press release from the U.S. Attorney's Office for the Northern District of California, but Ichioka admitted in court documents that his company “hasn’t made any money since we started” in 2019. “Ichioka lured his victims by falsely promising they would receive huge returns quickly on their investments,” first assistant U.S. attorney Patrick Robbins said in a Justice department release. “During the years that he ran his cryptocurrency-based Ponzi scheme, Ichioka managed to defraud more than 100 investors of tens of millions of dollars. Today’s sentence illustrates that lengthy prison terms await all those who seek to swindle investors in this district.” Ichioka had already pleaded guilty in June to wire fraud, filing fraudulent tax returns, securities fraud, and commodities fraud. And the Chronicle has the amusing footnote that “Ichioka’s personal losses amounted to $50 million to $60 million worth of bitcoins he had bet that the results of the 2020 presidential election would be overturned in favor of former President Donald Trump.” “William Ichioka was able to secure millions from investors by telling them lie after lie,” FBI special agent in charge Robert Tripp said in a release after Ichioka pleaded guilty. “His ‘miraculous’ rates of return, however, were illusory. He stole from family, friends, and others to fund his lavish lifestyle while sustaining his deceit through investment repayments.”
It's just fascinating how in our present era of 'progressive' Wokenomics, we can officially validate that the rules of 'sheeple' still apply to anything insane. No matter how batshit crazy it is. At least they will make great D.E.I. hires (somewhere). Let's just hope not for airlines or submarines (we saw how well THAT worked recently).
New Hampshire man sentenced for promoting cryptocurrency Ponzi scheme https://www.wmur.com/article/nashua-new-hampshire-crypto-ponzi-scheme-sentence/46487936 A Nashua man will spend five years in prison for his role in a large-scale cryptocurrency Ponzi scheme. Mario Ruiz Ochoa pleaded guilty last September for promoting the scheme while he was CEO of a company known as "iCom Tech." Officials claim "iCom Tech" and a second company called "For-Count" promised victims profits in exchange for purchasing cryptocurrency-related investment products. Ochoa and others allegedly used victim funds to pay other victims to promote the scheme. The Department of Justice said Ochoa faced wire fraud charges for his involvement in the scheme.
DOJ Charges Founder and Top Promoters of Alleged $1,890,000,000 Crypto Ponzi Scheme That Promised High Returns https://dailyhodl.com/2024/01/31/do...ypto-ponzi-scheme-that-promised-high-returns/
Every same imaginable runs through the crypto community. Why would any reasonable person have any trust in this market and "currency"? Bitcoin trader loses almost $70 million after sending crypto to wrong online account address https://www.businessinsider.com/bit...ress-poisoning-scam-crypto-eth-finance-2024-5 A cryptocurrency trader lost nearly $70 million in an "address-poisoning" scam. Scammers made spoof accounts to trick the victim into sending funds to the fake address. Crypto-related scams are on the rise, costing investors almost $4 billion last year, the FBI says. (More at above url)
You are being obtuse. Fiat banks do this ALL THE TIME. It's nothing new. Come on, the forum is "Elite Traders" here, not "stupid newb trad3rz".
A longtime battle between cryptocurrency titans was brought to a close in federal court this past week when Binance founder Changpeng Zhao was handed a sentence of four months in prison. The criminal judgment was in stark contrast to the 25-year prison sentence FTX’s Sam Bankman-Fried received. The crypto kingpins shared a pulpit for years from which they preached the power of decentralized, digital currencies to the masses, but the difference in prison sentences highlights how they were nothing alike in business or in personal dealings. SBF spent all the money he looted on campaign contributions, which didn't help in his sentencing. But CZ, the smarter of the two, spent the loot on bribing the prosecutors, obviously.
Ironically, CZ tried every trick in the book to buy up Canadian crypto licenses in Canada, but got stonewalled at every step. He did manage to raise the price of exchanges that were rumored to be soon bought out though.
Crypto - an industry which is just one continuous fraud. New day, new scam. A Hong Kong-based crypto exchange used deepfakes of Elon Musk to claim the billionaire was its lead developer https://www.msn.com/en-us/money/com...n-musk-to-claim-the-billionaire-was-its-lead-