Two Individuals Sentenced to Prison for Cryptocurrency Fraud Scheme
According to the City of London Police Website, Ross Jay and Michael Freckleton have been sentenced to prison for their roles in a fraudulent cryptocurrency scheme. The duo operated under the company name Digi Ex and targeted potential investors through cold-calling, convincing them to invest in a fictitious cryptocurrency called “Telecoin.” They were found guilty of conspiracy to defraud.
Key Points:
– Ross Jay and Michael Freckleton have been sentenced to prison for their roles in a fraudulent cryptocurrency scheme.
– They operated under the company name Digi Ex and targeted potential investors through cold-calling.
– They convinced investors to invest in a fictitious cryptocurrency called “Telecoin.”
– Between 2015 and 2017, they received over £500,000 from investors but provided no credible investment services.
– They paid themselves salaries and withdrew cash from the business account.
Detective Chief Inspector Lee Parish emphasized the risks of investing in emerging and potentially unstable currencies. He urged potential investors to conduct thorough research and consult accredited financial advisors or invest with FCA registered companies.
Hot Take:
The sentencing of Jay and Freckleton serves as a reminder of the risks associated with cryptocurrency investments, particularly in unregulated or fictitious assets. This case highlights the importance of due diligence and the need for investors to be cautious and well-informed. It also demonstrates the City of London Police’s commitment to pursuing justice in investment fraud cases and protecting the cryptocurrency market.
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