$24M Crypto Ponzi Scheme Could Lead to 280 Years in Prison
A U.S. jury has found the owner of Profit Connect guilty of running a $24 million crypto Ponzi scheme that affected at least 400 investors.
He promised returns of up to 30% per year, claiming they came from AI, crypto mining, and powerful computers. In reality, money from new investors was used to pay earlier investors, cover company expenses, and fund personal spending.
He was convicted on 15 charges, including fraud and money laundering. He could face up to 280 years in prison, with the final sentence expected on November 30.
$BTC #Macro Insights#
A U.S. jury has found the owner of Profit Connect guilty of running a $24 million crypto Ponzi scheme that affected at least 400 investors.
He promised returns of up to 30% per year, claiming they came from AI, crypto mining, and powerful computers. In reality, money from new investors was used to pay earlier investors, cover company expenses, and fund personal spending.
He was convicted on 15 charges, including fraud and money laundering. He could face up to 280 years in prison, with the final sentence expected on November 30.
$BTC #Macro Insights#
