According to Foresight News, Charles O. Parks III, also known as 'CP3O', has been accused by the Brooklyn U.S. Attorney's Office of defrauding two cloud computing providers out of $3.5 million and mining cryptocurrency worth $970,000, including Ethereum, Litecoin, and Monero. Parks allegedly used the resources of the two companies for mining without making any payments.
The indictment alleges that Parks devised a payment scheme to avoid submitting reports required under federal law for transfers exceeding $10,000. Prosecutors claim that Parks repeatedly transferred amounts of $9,999 and smaller from cryptocurrency exchanges to bank accounts. The proceeds were allegedly used by Parks to purchase luxury items, including a high-end Mercedes Benz, jewelry, and 'first-class hotel and travel expenses'. Parks faces a maximum combined criminal sentence of 50 years and is scheduled to appear in federal court in Omaha on April 16.
