The operator of a crypto assets Ponzi scheme was sentenced to 8 years in prison for defrauding 40 million dollars.

According to Deep Tide TechFlow news, on June 28, The Block reported that Dwayne Golden, a 57-year-old man from Pennsylvania, was sentenced to 97 months (about 8 years) in prison for operating a Ponzi Scheme involving crypto assets. Golden, along with accomplices Gregory Aggesen and Marquis Demacking Egerton, operated three fraudulent crypto asset companies, EmpowerCoin, ECoinPlus, and Jet-Coin, from April to August 2017, promising investors fixed returns through overseas operations, defrauding over 40 million dollars.

The U.S. Department of Justice stated that these companies did not provide any legitimate services nor did they engage in any actual crypto assets transactions. The funds obtained through deception were used to repay existing investors or were appropriated by the criminals. In addition to imprisonment, Golden must also forfeit approximately $2.46 million in illegal proceeds. All four defendants have pleaded guilty, with William White being sentenced to 30 months in prison, while Aggesen and Egerton are awaiting sentencing.

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