A man at the Center for Massive Encryption Ponzi Scheme will spend nearly eight years in prison after a 97-month prison sentence in Brooklyn on Friday.
Dwayne Golden, 57, was convicted of wire fraud and money laundering for his role in planning scams through three digital asset companies, EmpowerCoin, EcoInpluls, and Jet-Coin and Jet-Coin, which deceived more than $40 million of investors, the Department of Justice (DOJ) (DOJ) (DOJ) Announce.
Federal prosecutors say Golden and his partners promised to receive guaranteed returns on cryptocurrency transactions that have never happened. Instead, funds are pooled to repay early investors or lining conspirators, a classic logo Ponzi scheme.
The companies folded shortly after collecting investor deposits, causing huge losses to the victims.
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Fake crypto trading company
The scam took place between April 2017 and August 2017. Golden, Gregory Aggesen and Marquis Egerton (also known as Mardy Eger), mis-selling their companies as international cryptocurrency traders.
After their company collapsed, Golden and his co-defendants tried to obstruct the FTC investigation and the federal grand jury investigation, including by destroying evidence and providing false information.
“Golden and his co-defendants do not provide legal services, and there is no company engaged in any actual transactions in cryptocurrency,” said U.S. Attorney Joseph Nocella. Plan as an exploitation of investors excited For new technologies.
King also ordered the confiscation of about $2.46 million. Joint defendant William White was sentenced to 30 months in prison, while Aggens and Egerton awaited sentence.
Christopher Raia, assistant director of the FBI, called the conspiracy “a delicate plan rooted in false promises to deceive and deceive investors.” He stressed that Golden’s actions showed “complete disregard for integrity” and praised the sentence as a warning to other possible fraudsters.
The Justice Department requires investors who suffer losses through the program to submit compensation claims through the FBI’s dedicated portal.
Related: Encrypted atm sting reveals an elderly widow who loses $282K scam
Five people plead guilty for $37 million crypto scam
Five men in similar incidents earlier this month Enfessed guilty and planned $36.9 million The crypto scam tricked Americans and pooled funds to Cambodia’s crypto scam center.
Defendants target victims through social media, messaging apps and dating platforms, luring them into fictitious profitable crypto investments.
So far, 2025 $2.1 billion has been stolen Certik co-founder Ronghui Gu said most of the losses in crypto-related events were related to wallet compromise and major mismanagement.
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