An Ohio resident gets 20 Years in Prison for carrying out a cryptocurrency scam that brought him $30 million as we are reading more in our crypto scam today.
Michael Ackerman pleaded guilty to the running of a crypto scam and could be spending a long time in prison. As per the US DOJ, the Ohio resident pleaded guilty to the multi-million dollar crypto scam last week. Ackerman planned and executed a crypto scam in 2017 which promised to pay investors 15% of the investments every month but the benefits were too dubious and impossible with the investors rushing in to utilize the opportunity.
The scam was called the Q3 Trading Club which is a fund that used investors’ money to make the supposed profits to be shared as returns. The US attorney Audrey Strauss said on September 8, 2021, that Ackerman pleaded guilty to the charges and according to Strauss the man agreed to have caused victims to lose more than $30 million in crypto scams. In the announcement, the attorney stressed that Ackerman agreed to have used the fake crypto scheme to steal millions from the investors with a 15% monthly return. Strauss disclosed that Michael Ackerman used fake documents to scam the investors as his balances showed more than $315 million but the reality is little above $5 million from the DOJ discoveries. The attorney revealed that Ackerman stole the investors’ money which reached $9 million and continued having a lavish lifestyle. The man even spent plenty of the money on real estate, vehicles, and personal security.
The announcement stated that Michael Ackerman pleaded guilty to wire fraud and agreed to pay back $30 million and forfeited at least $36 million in real estate and cash which he acquired in a fraudulent manner. The sentencing however will take place on January 5th, 2022. The first charges came from the SEC a year ago for violation of teh securities laws. The reports showed that he used a private group which he made on Facebook to target physicians and the group was called Physicians Dad’s Group. Ackerman never worked as an institutional broker at the New York Stock Exchange but was operating as one of three scammers including a Wells Fargo Financial advisor and a surgeon called Quan Tran.
DC Forecasts is a leader in many crypto news categories, striving for the highest journalistic standards and abiding by a strict set of editorial policies. If you are interested to offer your expertise or contribute to our news website, feel free to contact us at [email protected]