INSUBCONTINENT EXCLUSIVE:
A man at the center of a massive crypto Ponzi scheme will spend nearly eight years behind bars after a federal judge handed down a 97-month
prison sentence in Brooklyn on Friday.Dwayne Golden, 57, was convicted of wire fraud and money laundering for his role in orchestrating
scams through three digital asset firms, EmpowerCoin, ECoinPlus, and Jet-Coin, which defrauded investors out of more than $40 million, the
companies folded shortly after collecting investor deposits, leaving victims with heavy losses.An excerpt from the DOJ filing
Source: DOJRelated: Citibank accused of ignoring signs of $20M crypto romance scamFake crypto trading firmsThe scam operated between April
Golden, along with Gregory Aggesen and Marquis Egerton (also known as Mardy Eger), falsely marketed their firms as international crypto
traders.After their companies collapsed, Golden and his co-defendants attempted to obstruct both a Federal Trade Commission probe and a
Joseph Nocella said, describing the scheme as an exploitation of investor excitement over new technology.Golden was also ordered to forfeit
approximately $2.46 million
Co-defendant William White received a 30-month sentence, while Aggesen and Egerton are awaiting sentencing.FBI Assistant Director
uncovers elderly widow who lost $282K in scamFive plead guilty in $37 million crypto scamIn a similar incident, earlier this month, five men
pleaded guilty to orchestrating a $36.9 million crypto scam that defrauded Americans and funneled funds to a crypto scam center in
Cambodia.The defendants targeted victims through social media, messaging apps, and dating platforms, luring them with false promises of
compromises and key mismanagement, CertiK co-founder Ronghui Gu said.Magazine: GENIUS Act reopens the door for a Meta stablecoin, but will
