Arizona Crypto Scammers Charged
Two individuals from Arizona, Luis Ortega, 42, of Litchfield Park, and Jeremie Sowerby, 45, of Fountain Hills, are facing serious charges for their involvement in a crypto investment scheme. They were indicted by a federal grand jury in Phoenix on a total of 55 counts, including charges of Wire Fraud and Transactional Money Laundering.
Ortega and Sowerby are accused of defrauding hundreds of victims through a sophisticated crypto scam that led to the loss of millions of dollars. The operation utilized three separate entities to market various investment opportunities, each promising substantial and immediate returns.
The first entity, Now Mining, offered “risk-free” investments in leases of Bitcoin mining machines supposedly located overseas. The second entity, VIP Mining, involved direct investments in Bitcoin mining machines in Arizona. Finally, the third entity lured investors with the opportunity to purchase custom-built container houses using a proprietary cryptocurrency called “Millennium.”
However, the entire operation was a crypto scam. The promises of lavish giveaways and easy profits were baseless, serving only to funnel investor funds into bank accounts controlled by Ortega and Sowerby. The duo allegedly used these funds for personal expenditures, including property purchases, a new vehicle, and significant cash withdrawals.
Legal Ramifications and Investigation
A wire fraud conviction can result in up to 20 years in prison and a fine of $250,000. Similarly, transactional money laundering carries a maximum penalty of 10 years in prison and a fine of up to $250,000. It is important to note that an indictment is only a method for charging a person with criminal activity and does not imply guilt. The court presumes Ortega and Sowerby innocent until a legal process proves them guilty beyond a reasonable doubt.
This case is under investigation by the Federal Bureau of Investigation and IRS Criminal Investigation. The United States Attorney’s Office, District of Arizona, Phoenix, is responsible for the prosecution.
Hot Take: Crypto Scam Alert
It’s essential to be cautious when investing in cryptocurrencies. Always thoroughly research any investment opportunity before committing your funds to avoid falling victim to scams like this one in Arizona.
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