Founders of several 2017 cryptocurrency companies indicted for alleged theft of more than $40 million
Four individuals who owned and operated EmpowerCoin, ECoinPlus, and Jet-Coin were indicted on wire fraud, money laundering, and obstruction of justice charges. They allegedly "engaged in a sophisticated scheme that preyed on unsuspecting investors nationwide with false promises of guaranteed returns and virtual currency trading opportunities", then tried to destroy evidence and obfuscate what they'd done after everything fell apart even before any actual trading happened. The group allegedly defrauded investors of more than $40 million over the four months in 2017 that the three companies were active, and they now face up to 20 years in prison if convicted.
- "Owners and Operators of Online Cryptocurrency Companies Indicted for Defrauding Investors", U.S. Attorney’s Office, Eastern District of New York