Cryptocurrency Ponzi Scheme Unveiled by the US Department of Justice
An intricate Ponzi scheme scamming millions from investors in the US and globally has been disclosed by the U.S. Department of Justice. The scheme, orchestrated by a New York man, has led to indictments, revealing fraudulent practices in the hospitality and cryptocurrency trading sectors.
The Allegations
- A 39-year-old individual named Idin Dalpour enticed victims with a promise of 42% yearly returns on their investments in his hospitality and crypto trading businesses, claiming their funds were secure.
- In the indictment, it is alleged that Dalpour used incoming investors’ money to pay returns to previous investors, instead of utilizing the funds as promised.
The Department of Justice asserts that Dalpour defrauded investors of over $43 million between 2020 and April 2024.
Legal Ramifications
- Dalpour has been apprehended, facing charges of wire fraud, and could be sentenced to up to 20 years in prison if convicted.
- US Attorney Damian Williams emphasized that Dalpour spent investors’ money recklessly on personal expenses, leading to federal charges against him.
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Hot Take: Safeguard Your Investments Against Ponzi Schemes
Be cautious and conduct thorough research before investing in any scheme that offers high returns with minimal risk to avoid falling victim to fraudulent activities like Ponzi schemes in the cryptocurrency space.
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