A federal judge has sentenced the CEO of a prominent cryptocurrency investment firm to 20 years in prison for orchestrating a massive Ponzi scheme that defrauded victims of more than $200 million. The defendant lured over 1,000 investors worldwide with promises of guaranteed high-yield returns supposedly generated by a proprietary Bitcoin trading algorithm. Investigations revealed that no such trading occurred; instead, the CEO used funds from new participants to pay earlier investors while embezzling millions to fund a lavish lifestyle including luxury real estate and private jets. In addition to the prison term, the court ordered the immediate seizure of remaining assets for victim restitution. Authorities stated that this sentencing serves as a significant milestone in the crackdown on financial crimes within the digital asset sector.
Source: Crypto CEO gets 20 years for $200M Bitcoin Ponzi scheme
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