Crypto Scammer Gets 8 Years for $40M EmpowerCoin, ECoinPlus, Jet-Coin Fraud
A man at the center of a massive crypto Ponzi scheme will spend nearly eight years behind bars after a federal judge handed down a 97-month prison sentence in Brooklyn on Friday.
Dwayne Golden, 57, was convicted of wire fraud and money laundering for his role in orchestrating scams through three digital asset firms, EmpowerCoin, ECoinPlus, and Jet-Coin, which defrauded investors out of more than $40 million, the Department of Justice (DOJ) announced.
Federal prosecutors said Golden and his partners promised guaranteed returns from crypto trading that never took place. Instead, funds were funneled into repaying earlier investors or lining the conspirators’ pockets, classic hallmarks of a Ponzi scheme.
The companies folded shortly after…
