Investors Duped in $350K Scam—Here’s How
The US Department of Justice has announced the sentencing of Michael Joseph McElhiney, a Spokane resident, to over three years in federal prison for operating a fraudulent crypto investment scheme. The fraud, which spanned over a year, defrauded multiple investors of more than $350,000.
The sentencing, handed down by United States District Judge Thomas O. Rice, includes 41 months in federal prison, three years of supervised release, and restitution totaling $326,119. McElhiney was immediately remanded to federal custody following the hearing.
The Scamming Tactics
The fraudulent scheme revolved around a fake crypto investment fund, MAC Blockchain Solutions. McElhiney lured investors by presenting himself as an “experienced…
