Ohio investment manager arrested for alleged ponzi in crypto coins! The US CFTC has already taken legal action against the man.
Rathnakishore Giri, a 27-year-old money manager living in New Albany, Ohio, was arrested Friday on felony charges for allegedly running a cryptocurrency scam that raised at least $10 million from investors, according to a report by the Department of Justice. Giri was accused of defrauding an investor by pretending to be a cryptocurrency trader specializing in bitcoin production. According to the indictment, Giri promised that the investors would get back the money they invested in him, without any risk to the principal. In effect, he used money from previous investors to pay new investors in a Ponzi scheme.
Giri is charged with five counts of wire fraud and faces a maximum sentence of 20 years on each count if convicted. In August, the US Commodities Futures and Trading Commission (CFTC) issued a cease and desist order against Giri and two of his companies, alleging that he defrauded investors of more than $12 million and requiring Giri to pay the its investors. The CFTC accused Giri of using investors’ money to fund private jet lifestyles, yachts and other things. Ponzi scheme.
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