• Advertise
  • Submit a Press Release
NewsBTC
Bitcoin & cryptocurrency news
Crypto.com Logo
  • Home
  • News
    • Bitcoin
    • Ethereum
    • Cardano
    • Dogecoin
    • Ripple
    • DeFi
    • NFT
    • Sponsored
    • Press Releases
  • Analysis
    • Bitcoin (BTC)
    • Ethereum (ETH)
    • Cardano (ADA)
    • Chainlink (LINK)
    • Litecoin (LTC)
    • Tezos (XTZ)
    • Zcash (ZEC)
    • EOS
    • YearnFinance (YFI)
  • Trading Course
  • Directory
    • Crypto Businesses
    • Bitcoin Brokers
    • Casinos
    • Sportsbooks
  • Play GamesTry
  • Bet & WinTry
  • Spin & WinTry
No Result
View All Result
  • Home
  • News
    • Bitcoin
    • Ethereum
    • Cardano
    • Dogecoin
    • Ripple
    • DeFi
    • NFT
    • Sponsored
    • Press Releases
  • Analysis
    • Bitcoin (BTC)
    • Ethereum (ETH)
    • Cardano (ADA)
    • Chainlink (LINK)
    • Litecoin (LTC)
    • Tezos (XTZ)
    • Zcash (ZEC)
    • EOS
    • YearnFinance (YFI)
  • Trading Course
  • Directory
    • Crypto Businesses
    • Bitcoin Brokers
    • Casinos
    • Sportsbooks
  • Play GamesTry
  • Bet & WinTry
  • Spin & WinTry
No Result
View All Result
NewsBTC
No Result
View All Result
Authorities To Imprison A Man From Ohio For Defrauding $30 Million In A Cryptocurrency Scam
Nexo Logo

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

Asad Gillani by Asad Gillani
9 months ago
in Cryptocurrency news
Reading Time: 2 mins read
Advertisement

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.

5 BTC + 300 Free Spins for new players & 15 BTC + 35.000 Free Spins every month, only at mBitcasino. Play Now!

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.

BitStarz Player Lands $2,459,124 Record Win! Could you be next big winner?
Get 110 USDT Futures Bonus for FREE!

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.

Featured Image From Pixabay
Tags: cryptocurrencyJames SeijasMichael Ackermannew york stock exchangeQuan Tran
Tweet123Share196ShareSend
Win up to $1,000,000 in One Spin at CryptoSlots
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.

Related Posts

Ethereum

Ethereum Gas Fees Touch New Lows, What’s Ahead For Ethereum

2 hours ago
Cardano Slides Below $0.50 Alarming A Danger Ahead

Cardano Slides Below $0.50 Alarming A Danger Ahead

5 hours ago
Cardano

Cardano TVL Sheds $205 Million Since Hitting All-Time High

6 hours ago
ethereum

Ethereum Profitability Dumps To 2-Year Low As Price Corrects Below $2,000

21 hours ago
CloneX and Murakami promotional image

Blue Chip NFTs 101 – What’s The Secret Behind CloneX? Built For The Metaverse

1 day ago
The Nightly Mint: Daily NFT Recap

The Nightly Mint: Daily NFT Recap

1 day ago

Premium Partners

Top Brokers

PrimeXBT

PrimeXBT

Review · Visit

Top Casinos

BitStarz

BitStarz

Review · Visit
7BitCasino

7BitCasino

Review · Visit
Punt Casino

Punt Casino

Review · Visit
Wildcoins Casino

Wildcoins Casino

Review · Visit
CryptoSlots

CryptoSlots

Review · Visit
mBit

mBit

Review · Visit
CryptoGames

CryptoGames

Review · Visit
Bspin

Bspin

Review · Visit

Sportsbooks

1xBit

1xBit

Review · Visit

Gringotts Labs rolls out Lending Protocol Zenith after Capricorn Finance becoming a winner

May 28, 2022

Datamall Chain – A Pioneer of Web3 Data Storage

May 28, 2022

Introducing Zenith.Finance, a dark-horse lending protocol crypto players should notice recently

May 27, 2022

An introduction to Capricorn.Finance

May 27, 2022

The Web3 community platform Mojor launched the alpha version

May 27, 2022

ABOUT US

NewsBTC is a cryptocurrency news service that covers bitcoin news today, technical analysis & forecasts for bitcoin price and other altcoins. Here at NewsBTC, we are dedicated to enlightening everyone about bitcoin and other cryptocurrencies.

We cover BTC news related to bitcoin exchanges, bitcoin mining and price forecasts for various cryptocurrencies.

COMPANY

  • Advertising
  • Comments Policy
  • Privacy Center
  • Sitemap
  • About Us
  • Contact

Technical Analysis

  • Bitcoin (BTC)
  • Ethereum (ETH)
  • Ripple (XRP)
  • Chainlink (LINK)
  • Cardano (ADA)
  • Tezos (XTZ)

LINKS

Crypto Prices from Nomics

Cryptocurrency news

  • Bitcoin
  • Ethereum
  • Ripple
  • Chainlink
  • Cardano
  • EOS
  • Tezos

© 2021 NewsBTC. All Rights Reserved.

  • Home
  • News
    • Bitcoin
    • Ethereum
    • Cardano
    • Dogecoin
    • Ripple
    • DeFi
    • NFT
    • Sponsored
    • Press Releases
  • Analysis
    • Bitcoin (BTC)
    • Ethereum (ETH)
    • Cardano (ADA)
    • Chainlink (LINK)
    • Litecoin (LTC)
    • Tezos (XTZ)
    • Zcash (ZEC)
    • EOS
    • YearnFinance (YFI)
  • Trading Course
  • Directory
    • Crypto Businesses
    • Bitcoin Brokers
    • Casinos
    • Sportsbooks
  • Play Games
  • Bet & Win
  • Spin & Win

© 2021 NewsBTC. All Rights Reserved.

This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy Center or Cookie Policy.