Three arrests for $ 722 million cryptocurrency fraud In United States
Three Americans have been arrested for swindling $ 722 million (about 650 million euros) investors through a cryptocurrency fraud, New Jersey Attorney General Craig Carpenito said on Monday (December 9th).
Two other defendants, whose identity has not been revealed, remain on the run.
The three individuals arrested, two of whom are from Colorado and one from California, are believed to have sparkled, between April 2014 and February 2019, miraculous profits in exchange for investments in the virtual bitcoin currency.
They would have enriched themselves by attracting new investors to a structure called BitClub Network for several years while spending the money placed.
The three men are also believed to have sold shares of BitClub Network even though these shares were not registered with the US stock policeman.
Two of the defendants face 20-year prison terms and a maximum fine of $ 250,000 for computer fraud and all face up to 5 years in prison and a maximum fine of $ 250,000 for selling non-registered securities.