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Breaking News: FTX Recovery Trust Set To Disburse $1.6 Billion By Month-End, FTT Price Skyrockets

Authorities To Imprison A Man From Ohio For Defrauding $30 Million In A Cryptocurrency Scam

Asad Gillani
Asad Gillani
4 years ago
2 mins read
Authorities To Imprison A Man From Ohio For Defrauding $30 Million In A Cryptocurrency Scam

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An Ohio man will be getting 20 years in prison for carrying out a cryptocurrency scam. Michael Ackerman has pleaded guilty to the crime and might be spending a long time in prison. According to the US Justice Department, the man pleaded guilty to the multi-million dollar cryptocurrency scam last week.

A Cryptocurrency Scam Worth Of Millions

Michael Ackerman planned and executed a cryptocurrency scam in 2017. This scheme promised to pay investors 15% on their investments every month. Even though the benefits were too dubious and impossible, many investors rushed in to utilize the opportunity.

The scam was called the “Q3 Trading Club,” a fund that used investor’s money to make the supposed profits to be shared as returns.

On September 8, 2021, a US attorney, Audrey Strauss from the New York Southern District, announced that Ackerman had pleaded guilty to the charges. According to Strauss, the man agreed to have caused the victims to lose above $30 million in cryptocurrency assets.

Related Reading | New To Bitcoin? Learn To Trade Crypto With The NewsBTC Trading Course

In the announcement, the attorney stressed that Arkerman agreed to have used his fake crypto scheme to steal millions from investors with the promise of 15% monthly returns.

In addition, Strauss also disclosed that Michael Ackerman used fake documents to deceive the investors. His balances showed more than $315 million in the fund. But the reality was just a little above $5 million from the DoJ’s discoveries.

The attorney also revealed that Ackerman stole investors’ money amounting to $9 million just to continue his lavish lifestyle. The man spent a lot of money on vehicles, real estate, personal security, traveling, and jewelry.

Michael Ackerman Agrees To Pay

The announcement also stated that Michael Ackerman has pleaded guilty to wire fraud. He agreed to pay back $30 million and forfeit at least $36 million in real estate, jewelry, cash which he acquired fraudulently. As for now, the sentencing will take place on January 5th, 2022.

The first charges came from the SEC in 2020. The crime was the violation of securities laws by Michael Ackerman.

Related Reading | Bitfinex To Roll Out Security Token Offerings (STOs) Platform In Kazakhstan

The reports then showed that he used a private group that he created on Facebook to target physicians. The group was called “Physicians Dad’s Group,” and the SEC discovered his fraudulent intent.

Michael Ackerman has never worked as an institutional broker in the New York Stock Exchange. Instead, he was operating as one of three scammers, including James, a Wells Fargo financial advisor, and another member, a surgeon called Quan Tran. In 2020 April, the victims of the incident sued Fargo for not investigating its employee.

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Asad Gillani
Asad Gillani

Asad Gillani

Asad is a freelance writer. He is interested in cryptocurrencies, technology, and in particular the subject of online security. An open supporter of freedom of speech, privacy, and equality for all. On a personal level, he likes to stay socially active, loves playing snooker, cricket, enjoys seafood and loves listening to folk music.

Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

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