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CRYPTO SCAM: US DOJ Charges two men in $25M Cryptocurrency Ponzi Scheme

13th December 2023 

CRYPTO SCAM: US DOJ Charges two men in $25M Cryptocurrency Ponzi Scheme
Syndicated By: Iain Fraser Cybersecurity Journalist Gibraltar - PRWire Channel

The US DoJ (Department of Justice) has Charged two men for Operating $25M Cryptocurrency Ponzi Scheme. According to court documents, David Gilbert Saffron, 51, of Australia, and Vincent Anthony Mazzotta Jr., 52, of Los Angeles, allegedly conspired to operate a fraudulent scheme to induce victims to invest in various trading programs that falsely promised to employ an artificial intelligence automated trading bot to trade victims’ investments in cryptocurrency markets and earn high-yield profits. 

Saffron and Mazzotta promoted the investment programs under various names including Circle Society, Bitcoin Wealth Management, Omicron Trust, Mind Capital, and Cloud9Capital. Rather than investing victims’ funds in cryptocurrency, Saffron and Mazzotta allegedly misappropriated victims’ funds to pay for personal expenses including private chartered jet flights, luxury hotel accommodations, private mansion rentals, a personal chef, and private security guards. Learn More /...

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