Ohio man sentence to prison for 20 year over $30M crypto scam
Ohio man Michael Ackerman found guilty in a crypto scam and now he will live his life behind the bars upto 20 years.
In the present time crypto adoption is at tremendous level and most of the countries are thinking of regulating it so that people can see a better opportunity to generate revenue alongside practical life jobs. But there are few people in the world, which are using crypto for illicit activities. The latest news coming from NewYork.
Michael Ackerman, a 52 year old guy found guilty in a crypto scheme based scam project. This guy promised people to give 15% monthly return on their Investment.
Michael Ackerman started Q3 Trading Club in 2017. He attracted hundreds of investors. And people invested USD in the crypto fund to get 15% return easily. Ackerman also has a history as an Institutional broker on the NewYork stock exchange.
Audrey Strauss, U.S. attorney for the Southern District of New York, announced this whole matter on 8 September and said that Ackerman accepted that he did scam and lose more than $30 millions from innocent people through his Investment company.
“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 added that Ackerman showed fake papers to the innocent people to attract them for the Investment. Through the fake paper, Ackerman falsely claimed that his company managed funds around $315 million, but in actual he never maintained a balance of more than $5 million.
And also, Ackerman stole $9 from a single investors
“…from contribution to Investor bankroll a lavish lifestyle” that included real estate, jewelry, vehicles, travel, and personal security services”
In February 2020, Ackerman came under the radar of SEC to violate securities law Act. At that time Ackerman claimed that he was only targeting physicians in particular via a private “Physicians Dads Group ” on Facebook.
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