Summary
- The founders of EmpowerCoin, EcoInPlus, and JetCoin were sentenced to 8 years in prison for fraudulently posing as a cryptocurrency investment company and embezzling approximately $40 million.
- Federal prosecutors stated that they exploited investors’ expectations for high returns.
- Golden and others continued illegal activities such as obstruction of investigation and making false statements even after the companies were closed.
The founders of the US-based fraudulent cryptocurrency firms EmpowerCoin, EcoInPlus, and JetCoin have been sentenced to 8 years in prison.
According to The Block, a cryptocurrency-focused media outlet, on the 27th (local time), the US federal prosecutors stated that Dwayne Golden and two others operated a fake crypto investment company, promised high returns, and defrauded investors of $40 million.
Federal prosecutor Joseph Nocella pointed out, “The defendants exploited investors’ anticipation for new technology, taking tens of millions of dollars in profits,” adding, “They consistently evaded responsibility and made false statements throughout the investigation and trial.”
Golden and his accomplices, even after the companies were shut down, obstructed investigations by submitting false information and destroying evidence to the Federal Trade Commission (FTC) and grand jury from 2017 to 2022.
The court ordered Golden to serve 97 months in prison (about 8 years) and forfeit approximately $2.46 million in illegal profits. William White, an accomplice, was previously sentenced to 2 years and 6 months in prison, and others are awaiting sentencing.
Uk Jin
wook9629@bloomingbit.ioH3LLO, World! I am Uk Jin.
![[Exclusive] KakaoBank meets with global custody heavyweight…possible stablecoin partnership](https://media.bloomingbit.io/PROD/news/a954cd68-58b5-4033-9c8b-39f2c3803242.webp?w=250)
