Former Police Lieutenant Charged for Orchestrating Crypto Scam Targeting Fellow Officers 🚨
Former police #lieutenant John A. DeSalvo faces charges from the SEC for a cryptocurrency scam aimed at fellow officers.
Allegedly, DeSalvo raised over $623,000 by selling his token, #Blazar , to 222 investors between November 2021 and May 2022. He claimed Blazar would replace traditional pension systems for police, firefighters, and paramedics.
DeSalvo falsely stated the token was SEC-approved. Despite promising an initial lock-up period, he sold 41 billion Blazar tokens on #PancakeSwap in May 2022, causing its value to plummet by over 99.9%.
The SEC seeks to prevent DeSalvo from future security offerings and demands penalties and profit disgorgement.