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Tuesday

28 September 2021

$30 Million Crypto Scheme’s Leader Pleads Guilty, Facing up to 20 Years in Prison – Regulation Bitcoin News

$30 Million Crypto Scheme’s Leader Pleads Guilty, Facing up to 20 Years in Prison – Regulation Bitcoin News


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Department of Justice (DOJ) announced Wednesday that Michael Ackerman has pleaded guilty to wire fraud.

The Justice Department described that Ackerman is the leader of a “fake cryptocurrency investment scheme.” He “orchestrated a multimillion-dollar cryptocurrency investment scheme” and “admitted to causing victim losses of more than $30 million.” The DOJ elaborated:.

Ackerman was the fund’s chief trading officer; he personally controlled the fund’s primary trading account on a cryptocurrency exchange.

Furthermore, the Justice Department detailed: “Instead of investing and trading on behalf of the fund, Ackerman stole at least $9 million in investor contributions and used them to bankroll a lavish lifestyle that included his purchase of multiple pieces of real estate, hundreds of thousands of dollars of Tiffany jewelry, vehicles, travel, and personal security services.” The DOJ concluded:.

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