Grimy Times Exclusive: Pablo Renato Rodriguez, the co-founder of the global multimillion-dollar cryptocurrency Ponzi scheme ‘AirBit Club’, was sentenced to 12 years in prison for orchestrating the massive financial scam.
In a press release, Damian Williams, the United States Attorney for the Southern District of New York, announced that Rodriguez was sentenced to 12 years in prison for his role in the scheme, which deceived individuals into investing in AirBit Club, a purported cryptocurrency mining and trading company.
Rodriguez and his co-conspirators, including co-founder GUTEMBERG DOS SANTOS, SCOTT HUGHES, CECILIA MILLAN, and KARINA CHAIREZ, executed a sophisticated money laundering operation to hide their illegal profits pilfered from AirBit Club.
The scheme, which began in 2015, involved RODRIGUEZ and DOS SANTOS marketing AirBit Club as a multilevel marketing club in the cryptocurrency industry, promising guaranteed daily returns on investments.
However, the representations were false, and no Bitcoin mining or trading on behalf of investors took place. Instead, Rodriguez and his co-conspirators enriched themselves and spent the money on lavish items, including cars, jewelry, and luxury homes.
Rodriguez and his co-defendants have been ordered to forfeit their fraudulent proceeds, including seized or restrained assets consisting of U.S. currency, Bitcoin, and real estate currently valued at approximately $100 million.
“Rodriguez co-founded and led an international multimillion-dollar pyramid scheme that preyed on mostly unsophisticated investors with false promises that their money was being invested in cryptocurrency trading and mining,” said U.S. Attorney Damian Williams.
“Rodriguez hid victims’ money in a complex laundering scheme using Bitcoin, an attorney trust account, and international front and shell companies and used victims’ money to line his own pockets,” Williams added.
Rodriguez’s sentence should serve as a deterrent to anyone who may be tempted to defraud others with false promises of cryptocurrency investments.
Rodriguez, 12 years, $100 million, New York, 2024.
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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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