Ohio man pleads guilty for $30 million crypto investment scam

Sep 9, 2021 | The Block News | 0 comments


Michael Ackerman, an Ohio-based man who headed an alleged $30 million cryptocurrency investment scam, pled guilty to wire fraud on Wednesday, according to a release from the U.S. Department of Justice (DOJ). 

Prosecutors said that starting in 2017, Ackerman told victims they could invest funds that would then be traded for cryptocurrency, claiming that the fund uses an algorithm that would profit the investors 15% every month. 

He falsified documents and other communications with investors to assert that the crypto fund grew in value, according to the DOJ release. Ackerman claimed that the overall fund had grown to be worth $315 million, though it had actually always remained under $5 million. 

Ackerman used victims’ funds to purchase jewelry, vehicles, travel, and other personal luxury goods and services. The Ohio man also agreed to forfeit over $36,000,000 worth of personal assets bought using victim investments. 

Ackerman will be sentenced on January 5, 2022, and could face a maximum sentence of 20 years for wire fraud, according to the DOJ.

© 2021 The Block Crypto, Inc. All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.

News Source from TheBlockCrypto.com

Related Articles

Bitcoin bulls make a run on $45K after Twitter debuts crypto tipping

Bitcoin bulls make a run on $45K after Twitter debuts crypto tipping

Bitcoin price rallied to $44,800 and takes aim at flipping the $45,000 level to support shortly after Twitter launched a new crypto tipping service. Bullish optimism is on the rise across the cryptocurrency market on Sept. 23 as prices continue to recover from this...

Pin It on Pinterest

Share This