In a major blow to cryptocurrency investors, Dwayne Golden, co-owner of Virtual Currency Companies EmpowerCoin, ECoinPlus, and Jet-Coin, has been sentenced to 97 months in prison for operating crypto ponzi schemes.
On September 2024, Golden pleaded guilty to conspiracy to commit wire fraud and money laundering in federal court in Brooklyn. The charges relate to a conspiracy to offer fraudulent investments in digital assets, which raised more than $40 million from investors based on false promises of guaranteed returns from trading in digital assets.
Golden and his co-conspirators operated a series of digital asset companies, which promised investors and potential investors guaranteed fixed returns on digital asset investments. However, the assets were used to repay other investors or stolen by Golden and his co-defendants, and the companies collapsed shortly after receiving the investors’ assets without the companies having engaged in trading activity.
As part of his sentence, Golden was also ordered to forfeit approximately $2.46 million in ill-gotten gains. Restitution will be determined by the Court at a later date.
Golden’s co-defendants, William White and Gregory Aggesen, also pleaded guilty and were sentenced to 30 months in prison. The FBI and the Commodity Futures Trading Commission (CFTC) assisted in the investigation.
If you were an EmpowerCoin.com, ECoinPlus.com, and/or Jet-Coin.com investor, you may be entitled to restitution. To submit a claim for restitution, please visit http://fbi.gov/jetcoinscams.
This case highlights the importance of protecting the investing public and the integrity of the digital assets markets from fraudsters.
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Key Facts
- State: New York
- Category: Cybercrime|White Collar Crime
- Source: DOJ Press Release â†â€â€
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