Ponzi

United

Dwayne Golden, who pleaded guilty in September last year to conspiracy to commit wire and money laundering, has been sentenced by William F. Kuntz II in Brooklyn Federal Court.&nbsp;
As per the Department of Justice, Dwayne, with his co-defendants Gregory Aggesen, Marquis Egerton, and William White, backed three fraudulent digital assets firms, EmpowerCoin, ECoinPlus, and Jet-Coin. 
It is worth noting that these companies promised the investors guaranteed returns via overseas crypto trading, yet it was operating as a Ponzi scheme, using the funds of new investors to pay the older investors or to enrich them.
The information available in the court documents notes that the scheme was active from April to August 2017, and after that period, the operators disappeared with funds, leaving investors with losses.
It is said that to bypass the federal investment, the operators of these schemes tried to destroy the evidence and also submitted false information to authorities to mislead them.&nbsp; Dywane and his co-defendant looted a million in a Ponzi scheme 
Dywane Golden, a 57-year-old from Pennsylvania, has been sentenced to 97 months in prison for orchestrating a $40 million crypto Ponzi scheme.&nbsp;
His co-defendant William White has received a 30-month sentence while Aggesen and Egerton await sentencing.
It is noteworthy that the investors who lost funds in this Ponzi scheme can submit restitution claims through the FBI portal.
As per the X post of US Attorney EDNY dated June 28, 2025, notes that statement of the United States Attorney Nocella, “Dwayne Golden and his co-conspirators took advantage of investor interest in exciting new technologies to perpetrate a fraud scheme that is as old as time, and to make millions of dollars for themselves in the process.”
(1/3) “Dwayne Golden and his co-conspirators took advantage of investor interest in exciting new technologies to perpetrate a fraud scheme that is as old as time, and to make millions of dollars for themselves in the process,” stated United States Attorney Nocella.— US Attorney EDNY (@EDNYnews) Ponzi scams in crypto are at their peak&nbsp; 
In the past few years, <a href="https://news.todayq.com/estonian-duo-guilty-of-577m-crypto-ponzi-faces-20-years-doj/" target="_blank" rel="noopener noreferrer nofollow">Ponzi schemes</a> have surged at a greater pace, capitalizing on the hype and complexity of digital assets. Most of the time, these scams promise high, often guaranteed returns to lure investors, using funds from new investors to pay early ones.
The crypto volatility and potential of high returns attract investors, making them vulnerable to schemes promising quick profits. The decentralized and pseudonymous nature of crypto, combined with limited regulatory oversight in many jurisdictions, creates a fertile ground for fraudsters.&nbsp;
Surge in crypto ponzi schemes reflects the growing popularity of digital assets, with revenue in the crypto market projected to reach $343.5 million in the ongoing year.
Yet the lack of regulations and the complexity of crypto make it a prime target for fraudsters. The skyrocketing rate of scams and frauds in the digital asset market has raised concerns over the security of users and traders.

Brooklyn court sends Dwayne Golden to prison over $40M ponzi scam

Todayq News

Other articles published on Jun 30, 2025

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