Three men, including one from Camarillo, have been arrested in connection with an alleged cryptocurrency mining scheme that authorities say defrauded investors out of hundreds of millions of dollars from April 2014 through December 2019. The Department of Justice announced charges Tuesday.
U.S. Atty. Craig Carpenito described the alleged fraud as a “modern, high-tech Ponzi scheme” that amounted to $722 million. Two other suspects remain at large.
this is not a cryptocurrency fraud scheme. this was nothing more than a classic ponzi scheme using crypto as the fake business model to support the underlying fraud.
We have summarized this news so that you can read it quickly. If you are interested in the news, you can read the full text here. Read more: