Cryptocurrency33 minutes ago (Sep 10, 2021 04:00AM ET)
Ohio Man Pleads Guilty for Fraud — Embezzled Over $30M from Crypto Scam
- Reports say, Ohio Man, Michael Ackerman, pleaded guilty to fraud.
- The DOJ stated that Ackerman embezzled over $30 million in his crypto scam.
- Ackerman could face 20 years in jail following his guilty plea.
According to the U.S Department of Justice, a man named Michael Ackerman pleaded guilty to a multi-million dollar cryptocurrency scam. The U.S attorney for the Southern District of New York, Audrey Strauss, announced his guilty plea last September 8.
As he admitted today, Michael Ackerman raised millions of dollars in investments for his fake cryptocurrency scheme by falsely touting monthly returns of over 15 percent.
Based on the reports, he started this scam in 2017. It was called “Q3 Trading Club”. Here, he lured hundreds of investors into this “crypto fund.” Ackerman promised them 15% monthly returns — it was too good to be true. Ackerman mentioned in his guilty plea that he embezzled more than $30 million from his victims. With this, Ackerman …
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