PHILADELPHIA – In a stunning blow to cybercriminals, United States Attorney Jacqueline C. Romero announced that Adam Davis, 47, originally from Coatesville, PA, and now residing in Colorado, was sentenced today by United States District Court Judge Wendy Beetlestone to 33 months’ imprisonment, three years of supervised release, and more than $2.1 million in restitution for his theft of cryptocurrency from a Bucks County victim.
Davis, who pleaded guilty on January 25, 2024, to one count of wire fraud, was caught after siphoning off approximately $395,000 worth of Bitcoin and other cryptocurrencies from the unsuspecting investor between 2014 and 2021. He manipulated her digital wallets with ease, all while her investments were soaring in value.
Using complex methods like peel chains to mask his tracks, Davis transferred the stolen funds through various cryptocurrency addresses under his control. By the time the theft was uncovered, the value of the stolen cryptocurrency had skyrocketed to over $8 million, but much of it had already been cashed out for personal gain.
“Whether we’re talking cryptocurrency or cold hard cash, stealing money that doesn’t belong to you is a crime,” U.S. Attorney Romero emphasized. “Adam Davis exploited someone who trusted him with her fortune, and my office will not stand by while cybercriminals commit such heinous acts.”
Michael Centrella, Special Agent in Charge of the U.S. Secret Service’s Philadelphia Field Office, echoed the sentiment: “Mr. Davis earned the victim’s trust to steal millions, but the U.S. Secret Service is committed to investigating and holding individuals responsible for their actions.”
The investigation was a collaborative effort between the United States Secret Service and Assistant United States Attorney Sarah M. Wolfe, with significant contributions from Secret Service analysts.
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Key Facts
- State: Pennsylvania
- Agency: DOJ USAO
- Category: Fraud & Financial Crimes|Cybercrime
- Source: Official Source ↗
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