Cryptocurrency

2024

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<p class="is-style-lead">Thomas John Sfraga, known as “TJ Stone,” entered a guilty plea to wire fraud charges in a Brooklyn federal court on Thursday.</p> 
<p>According to the U.S. Department of Justice, Sfraga was <a href="https://www.justice.gov/usao-edny/pr/brooklyn-man-and-cryptocurrency-personality-tj-stone-pleads-guilty-wire-fraud" data-type="link" data-id="https://www.justice.gov/usao-edny/pr/brooklyn-man-and-cryptocurrency-personality-tj-stone-pleads-guilty-wire-fraud" target="_blank" rel="">accused</a> of deceiving investors with the promise of up to 60% returns within three months through a non-existent cryptocurrency digital wallet. Instead of fulfilling these promises, he allegedly diverted these funds for personal use and to placate previous victims of his fraudulent activities.</p> 
<p>“For years, Sfraga brazenly lied to friends, neighbors, and investors to swindle over $1.3 million of their hard-earned life savings,” commented Breon Peace, the U.S. attorney for the Eastern District of New York, on the case.</p> 
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   <p lang="en" dir="ltr">Brooklyn Man and Cryptocurrency Personality "T.J. Stone" Pleads Guilty to Wire Fraud <br><br>Defendant Admits Bilking Real Estate and Cryptocurrency Investors Out of Over $1.3 Million Using Business Named After Fictitious Seinfeld Company<a href="https://twitter.com/NewYorkFBI?ref_src=twsrc%5Etfw" target="_blank" rel="">@NewYorkFBI</a> <a href="https://t.co/ZaIITsS4YQ" target="_blank" rel="">https://t.co/ZaIITsS4YQ</a></p>— US Attorney EDNY (@EDNYnews) <a href="https://twitter.com/EDNYnews/status/1791470946051641607?ref_src=twsrc%5Etfw" target="_blank" rel="">May 17, 2024</a>
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<p> You might also like: <a href="https://crypto.news/kraken-actively-reviewing-usdt-suspension-in-eu-under-mica-regulation/" rel=""> Kraken ‘actively reviewing’ USDT suspension in EU under MiCA regulation </a> </p> 
<h2 class="wp-block-heading" id="throwback-to-seinfeld">Throwback to ‘Seinfeld’</h2> 
<p>Additionally, Sfraga claimed ownership of “Vandelay Contracting Corp.” and “Build Strong Homes LLC,” companies with names reminiscent of a fictional business from the television show “Seinfeld.” This fictitious reference was part of his strategy to lure investors into funding non-existent construction projects.</p> 
<p>An FBI investigation revealed that Sfraga’s fraudulent activities extended into cryptocurrency <a href="https://crypto.news/solana-soars-13-amid-robinhood-staking-launch-and-new-liquidity-layer/" data-type="link" data-id="https://crypto.news/solana-soars-13-amid-robinhood-staking-launch-and-new-liquidity-layer/" rel="">staking</a>, a process where digital assets are used to support a blockchain network, offering potential returns through yields. According to a December 2023 FBI <a href="https://www.courtlistener.com/docket/68119772/united-states-v-sfraga/" data-type="link" data-id="https://www.courtlistener.com/docket/68119772/united-states-v-sfraga/" target="_blank" rel="">complaint</a>, Sfraga misrepresented the risks involved in cryptocurrency staking to potential investors, claiming it was an “ironclad situation” with “no risk.”</p> 
<p>Sfraga, whose background includes real estate development, media relations, podcasting, and hosting <a href="https://crypto.news/market-cap/" data-type="link" data-id="https://crypto.news/market-cap/" rel="">cryptocurrency</a> events in New York, now faces up to 20 years in prison. He is also ordered to pay restitution amounting to $1.33 million.</p> 
<p> Read more: <a href="https://crypto.news/oklahoma-bill-self-custody-crypto/" rel=""> Oklahoma passes bill protecting rights to self-custody crypto </a> </p>

Crypto personality ‘T.J. Stone’ pleads guilty to wire fraud

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