Braden John Karony, the former CEO of the cryptocurrency firm SafeMoon, has been sentenced to eight years in federal prison for his involvement in a massive fraud scheme that cost investors millions of dollars. Karony was convicted of conspiracy to commit securities fraud, wire fraud, and money laundering. Prosecutors revealed that while Karony publicly claimed that SafeMoon’s liquidity pools were “locked” and inaccessible to the developers, he secretly diverted millions of dollars in investor funds for personal gain. These funds were used to finance an extravagant lifestyle, including the purchase of luxury mansions and high-performance sports cars. The fraudulent scheme led to the financial ruin of thousands of retail investors who believed the project was a secure long-term investment. In addition to the eight-year prison sentence, the court is expected to order Karony to pay significant restitution to his victims.
Source: Mansions and sports cars: former SafeMoon CEO sentenced to 8 years in prison for crypto scheme
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