Cryptocurrency

Man Pleads Guilty to a Crypto Scam Worth N16 Billion

Man Pleads Guilty to a Crypto Scam Worth N16 Billion

  • A man behind a crypto scam worth more than $30 million has pleaded guilty to fraud charges
  • The US Justice Department disclosed that the man from Ohio Michael Ackerman could face up to 20 years in prison
  • The man reportedly lured hundreds of people to invest by promising a 15% return on investment monthly

An Ohio man Micheal Ackerman has pleaded guilty to a crypto scam after defrauding investors of $30 billion in 2017.

Ackerman’s plea was reported by the US Department of Justice earlier this week.

The scammer had reportedly lured people to invest money into Q3 Trading Club- a crypto fund that promised a 15% return monthly.

Audrey Strauss, a US Attorney for the southern district revealed the scammer’s guilty plea, stating that he had admitted to causing people up to $30 million in losses.

“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”.

Strauss also revealed that Ackerman falsified documents to make investors believe that his fund possed more than $315 million in balance when in reality it had only $5 million.

The fraudster reportedly withdrew more than $9 million of investors’ money to fund a lavish lifestyle.

Read also: Scammer Steals $119m in Dogecoin Scam

The 52-year-old has agreed to forfeit to compensate investors for a $30 million loss and forfeit more than $36 million in cash and property.

Crypto scam

Ackerman is set to be sentenced for his role in the crypto scam on January 5, 2022, at 2:00 p.m.

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