A federal court has sentenced a California man to 20 years in prison for his leadership role in a massive cryptocurrency investment scheme that defrauded victims of more than $74 million. The defendant was convicted of conspiracy to commit money laundering and other financial crimes related to a ‘pig butchering’ operation, where scammers build trust with victims over time before convincing them to invest in fraudulent digital asset platforms. Court documents revealed that the scheme utilized a complex web of shell companies and international bank accounts to launder the stolen funds. In addition to the prison term, the judge ordered the defendant to pay full restitution to the victims and serve three years of supervised release. Department of Justice officials stated that this sentence reflects the gravity of cyber-enabled financial fraud and serves as a significant deterrent to those targeting innocent investors in the crypto space.
Source: Man sentenced to 20 years for role in $74 million crypto investment fraud
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