The man behind a multi-million dollar cryptocurrency scam has pleaded guilty to fraud this week according to the U.S. Department of Justice.<\/p>\n
Ohio man Michael Ackerman could face up to 20 years inside following the guilty plea for defrauding investors in a crypto scam he orchestrated in 2017. The too good to be true scheme lured hundreds of investors who deposited USD into a crypto fund called the Q3 Trading Club promising 15% monthly returns.<\/p>\n
U.S. attorney for the Southern District of New York, Audrey Strauss, announced the guilty plea on Sept. 8 stating that Ackerman admitted to causing losses of more than $30 million from victims.<\/p>\n
\u201cAs he admitted today, Michael Ackerman raised millions of dollars in investments for his fake cryptocurrency scheme by falsely touting monthly returns of over 15 percent.\u201d<\/p><\/blockquote>\n
Strauss added that he falsified documents to convince investors into believing his fund had a balance of more than $315 million. In reality, the fund never had a balance over $5 million according to the DoJ.<\/p>\n
It added that Ackerman stole $9 million from investor contributions to \u201cbankroll a lavish lifestyle\u201d that included real estate, jewelry, vehicles, travel, and personal security services.<\/p>\n
The 52-year-old pleaded guilty to charges of wire fraud and agreed to make recompense of at least $30 million while forfeiting $36 million in cash, real estate, and jewelry he fraudulently acquired. Ackerman is due to be sentenced on January 5, 2022.<\/p>\n
He was initially charged by the Securities and Exchange Commission in February 2020 for violating securities laws. At the time it was reported that he targeted physicians in particular via a private \u201cPhysicians Dads Group\u201d on Facebook.<\/p>\n
Related:<\/em><\/strong> <\/em><\/strong>Q3 Crypto Ponzi Victims File Class Action Lawsuit Against Wells Fargo<\/em><\/strong><\/p>\nAckerman, who was a New York Stock Exchange institutional broker, operated as part of a trio that included James Seijas, a former financial advisor for Wells Fargo, and surgeon Quan Tran.<\/p>\n
Victims of the scam sued Wells Fargo in April 2020 for failing to investigate the activities of an employee.<\/p>\n
Source: Read Full Article<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"The man behind a multi-million dollar cryptocurrency<\/p>\n","protected":false},"author":3,"featured_media":138314,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1],"tags":[],"yoast_head":"\n
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