Cryptocurrency

2024

United

Strong

Stone

Thomas John Sfraga, famously known as T. J. Stone, pleaded guilty to wire fraud in the Brooklyn federal court. He confessed his misdeeds, which led to his defrauding investors of over $1.33 million.&nbsp; 
He operated several graphics cards that managed the creation of 150 cryptocurrency-generating coins daily through famous schemes. Sfraga might be subject to a prison term of up to 20 years with the additional requirement of property restitution. 
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 “For years, Sfraga brazenly lied to friends, neighbors and investors to swindle over $1.3 million of their hard-earned life savings,” stated United States Attorney Peace. <a href="https://t.co/P2xz0kXjnn" target="_blank">https://t.co/P2xz0kXjnn</a>— US Attorney EDNY (@EDNYnews) <a href="https://twitter.com/EDNYnews/status/1791471041585266767?ref_src=twsrc%5Etfw" target="_blank" rel="noopener">May 17, 2024</a>
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Sfraga used fake names like Vandelay Contracting Corp. and Build Strong Homes LLC, taken from the TV show Seinfeld. He convinced investors to invest in phony projects such as home renovations and a fake cryptocurrency wallet, promising returns of up to 60% in three months.&nbsp;&nbsp; 
The guilty plea was presented to the Chief United States Magistrate Judge Lois Bloom. The FBI and the U. S. Attorney’s Office for the Eastern District of New York in a probe are following.&nbsp; 
Assistant United States Attorney John Vagelatos, along with Madison Bates, the legal assistant specialist, are leading the investigation. Sfraga is looking to receive a 20-year term that can be imposed on him and reparation payments reaching&nbsp; $ 1. 33 million. 
<blockquote class="wp-block-quote is-layout-flow wp-block-quote-is-layout-flow"> 
 Also read: <a href="https://www.cryptotimes.io/2024/05/02/fbi-alerts-on-crypto-scams-in-houston-area/" target="_blank" rel="noreferrer noopener">FBI Alerts on Crypto Scams in Houston Area</a> 
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Cryptocurrency Figure T.J. Stone Pleads Guilty to Wire Fraud Charges

The Crypto Times

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