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CEO of cryptocurrency platform faces federal fraud charges

On Behalf of | May 23, 2022 | White-Collar Crimes |

Cryptocurrency has seen a rapid rise in popularity over recent years and many companies have taken steps to pursue opportunities for growth in similar areas. However, those who engage in similar areas of business may take on a certain level of risk in the process, especially when seeking aid in their endeavors from investors. A recent investigation into an alleged cryptocurrency investment scheme has left the CEO of an investment platform in Florida facing federal fraud charges. 

Fraud investigation 

According to reports, an investigation into reports of fraud began when investors for a cryptocurrency platform came forward with complaints about unlawful activity. Officials claim that several investors say that the CEO of the company provided them with assurances of substantial financial gain by using their investments to mine cryptocurrency. However, they claim that he chose to divert profits to personal accounts instead. 

According to the investigation, the man directed profits into cryptocurrency portfolios over which he maintained full control. He stands accused of obtaining as much as $62 million through unlawful means in relation to the alleged scheme. Reports indicate that he is facing numerous federal charges, including allegations of wire and securities fraud and money laundering. 

Federal charges 

It is no secret that a conviction for federal fraud charges carries severe repercussions, and in this case, the man could be facing up to 45 years behind bars should a conviction be obtained. With so much at stake, those who stand accused of unlawful behavior and wish to know more about all their available legal options could benefit from consulting with an attorney as soon as possible. An attorney in Florida can evaluate every aspect of a client’s case, provide insight on what to expect from the process, and assist him or her in preparing a strong defense for use during subsequent legal proceedings.