Ponzi

United

April

Idin Dalpour, a Manhattan resident, has been accused of wire fraud in an alleged Ponzi scheme. The scheme reportedly defrauded investors of at least $43 million. Just last year, three individuals were charged in a similar case involving a <a href="https://thecoinrise.com/judge-sentence-three-over-crypto-mining-ponzi-scheme/" rel="noopener noreferrer nofollow">crypto mining Ponzi scheme</a>.
Damian Williams, the U.S. Attorney for the Southern District of New York (SDYN) who has led many <a href="https://thecoinrise.com/doj-sentences-ethereum-developer-virgil-griffith-to-63-months-in-jail/" rel="noopener noreferrer nofollow">enforcement actions against criminals in the Web3.0 ecosystem</a> said the criminal convinced investors that they could make massive profits by investing in a supposed Las Vegas hospitality business and a cryptocurrency trading operation.
His promises turned out to be nothing more than an illusion as he was running a classic Ponzi scheme, using money from new investors to pay off the supposed returns to earlier investors.
<h2 id="b-high-stakes-gamble-gone-wrong-b">High-stakes gamble gone wrong</h2>
According to the allegations, the fraudster is said to have operated a Ponzi scheme from around 2022 until April of this year. His targets were investors both in the U.S. and abroad.
Instead of using the funds as promised, which were supposed to support a Las Vegas hospitality venture and a cryptocurrency trading business, he splurged on himself. His actions included gambling losses of around $1.7 million and paying for his kids’ private school tuition.
In 2022, the United States Department of Justice charged <a href="https://thecoinrise.com/us-doj-charges-former-coinbase-staff-2-others-on-wire-fraud-offences/" rel="noopener noreferrer nofollow">three perpetrators, one a former staff of Coinbase </a>for a wire fraud offense.
<h2 id="b-perpetrators-brought-to-the-book-b">Perpetrators brought to the book&nbsp;</h2>
The US SDYN made it public yesterday in a <a href="https://www.justice.gov/usao-sdny/pr/manhattan-man-charged-running-43-million-ponzi-scheme" rel="noopener noreferrer nofollow">press release</a> after Dalpour got arrested yesterday morning. He’s set to appear in Manhattan federal court later today before U.S. Magistrate Judge Barbara Moses.
During a confrontation with a group of people who were victims of his Ponzi scheme in November last year, the suspect supposedly made quite a bold statement along the lines of “Hey, you can put me in jail right now if you want. Whatever you already have, you have.”
If convicted, the perpetrator will be facing hefty punishment for his alleged actions, potentially looking at a maximum prison sentence of 20 years.
<a href="https://thecoinrise.com/fpg-suspends-operations-after-losing-20m-to-cyber-attack/" rel="noopener noreferrer nofollow">Many investors have unfortunately become victims of cyber attacks</a>, and Ponzi schemes. In fact, back in 2022, it was reported that a staggering <a href="https://thecoinrise.com/over-7-8b-lost-to-crypto-ponzi-schemes-in-2022-report/" rel="noopener noreferrer nofollow">$7.8 billion was lost to crypto Ponzi schemes</a>. It is a classic case of misappropriation and deception, and it’s causing <a href="https://thecoinrise.com/crypto-industry-witnessed-a-23-decline-in-losses-due-to-hacks-report/" rel="noopener noreferrer nofollow">significant losses</a> for crypto enthusiasts and investors.
The post <a href="https://thecoinrise.com/manhattan-resident-arrested-for-alleged-43m-crypto-ponzi-scheme/" rel="noopener noreferrer nofollow">Manhattan Resident Arrested for Alleged $43M Crypto Ponzi Scheme</a> appeared first on <a href="https://thecoinrise.com" rel="noopener noreferrer nofollow">Latest News and Insights on Blockchain, Cryptocurrency, and Investing</a>.

Manhattan Resident Arrested for Alleged $43M Crypto Ponzi Scheme

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