Two British fraudsters, Ross Jay and Michael Freckleton, have been sentenced to 6 years and 3 months, and 6 years and 6 months in prison, respectively, after being involved in a cryptocurrency investment scam based on a non-existent digital currency called "Telecoin."
Odaily Planet Daily News reports that Southwark Crown Court in the United Kingdom handed down prison sentences to the two criminals for their roles in the fraudulent investment scheme. Operating under a company called Digi Ex, Jay and Freckleton targeted potential investors through cold calls, convincing them to invest in the fictitious cryptocurrency Telecoin.
The scam took place between 2015 and 2017, during which time £509,599 was deposited into Digi Ex accounts. Of that sum, £409,493 has been traced back to investments made by victims. The duo exploited the allure of the emerging cryptocurrency market, using deceptive tactics to deceive investors and misappropriate their funds for personal gain. Jay and Freckleton failed to provide any legitimate investment services while executing the scam.
This case serves as a reminder of the importance of due diligence and caution when dealing with investments, especially within the rapidly evolving and largely unregulated cryptocurrency sector.
