Ex-Rugby Player Gets Prison for $900K Crypto Ponzi
The post Ex-Rugby Player Gets Prison for $900K Crypto Ponzi appeared on BitcoinEthereumNews.com. lyEx-rugby player Shane Moore jailed for $900K fake crypto mining scheme. Moore promised daily profits but ran Ponzi scheme, spending cash on luxuries. FBI warns crypto scams rising; over half losses linked to fraud. A former semi-pro rugby player will spend time in prison for cheating investors through a fake crypto scheme. Shane Donovan Moore, who played rugby in Seattle, was sentenced to two and a half years in a U.S. federal prison. He cheated over 40 investors out of 900,000 dollars. This was announced by the Department of Justice on Thursday. Moore Promised Daily Mining Profits, Ran Ponzi with Friends’ Money From January 2021 to October 2022, Moore managed a company named Quantum Donovan LLC. He informed individuals that the firm would purchase and operate cryptocurrency mining systems. Additionally, he said that investors were going to get 1 percent of their money daily through mining profits. He was trusted by many and many believed him with their money. But Moore never purchased any mining equipment. He instead paid old investors using the money of new investors. This is termed a Ponzi scheme. The rest of the money was deposited in his accounts. He used it to live a luxurious life, to travel, to buy fancy clothes, and even to rent an apartment. U.S. District Judge Tana Lin said during his sentencing hearing that the activities of Moore had a devastating effect on people. According to the judge, Moore not only damaged his victims financially but also emotionally. Even Moore had some of his friends and teammates who were in the rugby community among the victims. They believed in him and got their families to invest as well. Teal Luthy Miller, the current acting U.S. Attorney, clarified the wrongdoing of Moore. According to Miller, Moore exploited the fact that crypto…
The post Ex-Rugby Player Gets Prison for $900K Crypto Ponzi appeared on BitcoinEthereumNews.com.
lyEx-rugby player Shane Moore jailed for $900K fake crypto mining scheme. Moore promised daily profits but ran Ponzi scheme, spending cash on luxuries. FBI warns crypto scams rising; over half losses linked to fraud. A former semi-pro rugby player will spend time in prison for cheating investors through a fake crypto scheme. Shane Donovan Moore, who played rugby in Seattle, was sentenced to two and a half years in a U.S. federal prison. He cheated over 40 investors out of 900,000 dollars. This was announced by the Department of Justice on Thursday. Moore Promised Daily Mining Profits, Ran Ponzi with Friends’ Money From January 2021 to October 2022, Moore managed a company named Quantum Donovan LLC. He informed individuals that the firm would purchase and operate cryptocurrency mining systems. Additionally, he said that investors were going to get 1 percent of their money daily through mining profits. He was trusted by many and many believed him with their money. But Moore never purchased any mining equipment. He instead paid old investors using the money of new investors. This is termed a Ponzi scheme. The rest of the money was deposited in his accounts. He used it to live a luxurious life, to travel, to buy fancy clothes, and even to rent an apartment. U.S. District Judge Tana Lin said during his sentencing hearing that the activities of Moore had a devastating effect on people. According to the judge, Moore not only damaged his victims financially but also emotionally. Even Moore had some of his friends and teammates who were in the rugby community among the victims. They believed in him and got their families to invest as well. Teal Luthy Miller, the current acting U.S. Attorney, clarified the wrongdoing of Moore. According to Miller, Moore exploited the fact that crypto…
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