A person at the center of a large -scale Crypto Ponzi scheme will spend nearly eight years behind bars after being sentenced to 97 months in Brooklyn in Brooklyn on Friday.
57-year-old Dwayne Golden was convicted of wire fraud and money laundering for his role in three digital asset firms, Epolarcoin, EcoeinPlus, and Jet-Coin, who excluded investors for more than $ 40 million, who excluded investors for more than $ 40 million, Announced,
Federal prosecutors said Golden and his colleagues had promised guaranteed returns from crypto trading that never happened. Instead, the money was fun to repay earlier investors or to repay the classic hallmark of a Ponzi scheme, a pocket of conspirators.
Companies folded immediately after depositing investors, leaving the victims with heavy losses.
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Fake crypto trading firm
This scam operated between April and August 2017. Golden misrepresented his firms as international crypto traders with Golden, Gregory Eggageen and Marcis Agrton (also known as Mardi Agar).
After the collapse of his companies, Golden and his co-operatives attempted to obstruct both the federal trade commission investigating and a federal grand jury investigation, including destroying evidence and providing false information.
Attorney Joseph Nochala of the United States said, “Golden and his co-operatives did not do any legitimate service and none of any companies engaged in any real trade in Cryptocurrency, as he claimed,” United States of America’s Attorney Joseph Nokela said, described the scheme as exploitation of investor enthusiasm on new technology.
Golden was also ordered around $ 2.46 million. Co-operative William White was sentenced to 30 months, while Azesen and Agarten are waiting for the sentence.
FBI Assistant Director Christopher Riya called the conspiracy “a detailed plan contained in cheating and false promises to cheat investors”. He insisted that Golden’s actions showed “a completely disregard for integrity” and praised the punishment as a warning to others.
The DOJ asked the investors who suffered a loss from the plan to submit claims of restoration through the dedicated portal of the FBI.
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Five petition convicted in $ 37M crypto scam
In a similar incident, earlier this month, five people blamed the $ 36.9 million crypto scam, cheating the Americans and funnel fun to a Crypto scam center in Cambodia.
The defendants targeted the victims through social media, messaging apps and dating platforms, wooing them with false promises of profitable crypto investments.
Certik co-founder Ronghui Guu said that in 2025 so far, more than $ 2.1 billion has been stolen in 2025, with most of the damage and major mismanagement of wallets.
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