A U.S. district decide has sentenced a person to three years in jail in a fraudulent cryptocurrency mining scheme. The defendant “misappropriated his victims’ money and failed to provide them with the miners and miner-hosting services they had purchased from him,” in accordance to the U.S. Department of Justice (DOJ).
Man Sentenced to Prison for Defrauding Investors in Crypto Mining Scheme
The U.S. Department of Justice (DOJ) introduced Thursday that Chester (Chet) Stojanovich has been sentenced to three years in jail “for defrauding purchasers of cryptocurrency miners and miner-hosting services.” He pled responsible in November final yr to one depend of wire fraud.
The DOJ defined that from at the very least 2019 till his arrest in April 2022, Stojanovich (*3*) The Justice Department added:
Instead, Stojanovich misappropriated his victims’ cash and failed to present them with the miners and miner-hosting companies that they had bought from him.
Besides failing to present the patrons with the cryptocurrency mining tools and the internet hosting companies that they had purchased, the DOJ stated Stojanovich “employed deceptive practices to create the illusion that such miners had been acquired and were being used to provide hash power to those customers.”
Moreover, Stojanovich allegedly “misappropriated his customers’ funds and spent the funds on unrelated and personal expenditures, including chartered air flights, hotel rooms, limousines, and private parties,” the Department of Justice detailed. Noting that Stojanovich was sentenced on Thursday earlier than U.S. District Judge Denise Cote, the DOJ concluded:
In addition to his jail sentence, Stojanovich … was sentenced in the present day to three years of supervised launch, forfeiture of $2,158,927, and restitution to his victims in the quantity of $2,108,927.
Do you suppose Stojanovich ought to go to jail for greater than three years for defrauding traders in this crypto mining scheme? Let us know in the feedback part under.
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