Trio Involved in Crypto Fraud Sentenced to Prison, Ordered To Forfeit $100,000,000 in Bitcoin and Other Assets
Three individuals who played key roles in the AirBit Club cryptocurrency Ponzi scheme have been sentenced to jail time and ordered to forfeit millions of dollars worth of illegally acquired assets. AirBit Club operated as a fraudulent company posing as a crypto mining and trading firm.
District Judge George B. Daniels sentenced Scott Hughes, Cecilia Millan, and Karina Chairez for their involvement in the scheme. The sentencing follows the earlier conviction of AirBit co-founders Pablo Renato Rodriguez and Gutemberg Dos Santos.
Hughes, a lawyer who had previously represented AirBit’s founders in another investment scam, was sentenced to 18 months in prison for laundering approximately $18 million of AirBit’s proceeds. Millan, a senior-level promoter for AirBit, received a five-year prison sentence, while Chairez, also a senior-level promoter, was sentenced to one year and one day behind bars.
The defendants were collectively ordered to forfeit assets including US currency, Bitcoin (BTC), and real estate valued at around $100 million.
Hot Take
Three key individuals involved in the AirBit Club cryptocurrency Ponzi scheme have received prison sentences for their roles in the fraudulent operation. They posed as a legitimate crypto mining and trading company to deceive investors. This case highlights the ongoing need for vigilance within the crypto industry to prevent scams and protect investors from financial losses. The sentencing also sends a strong message that those who engage in fraudulent activities will face severe consequences. Authorities continue to crack down on illegal schemes like this, aiming to maintain the integrity of the crypto market.
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