Former rugby participant Shane Donovan Moore was sentenced to two-and-a-half years in a US federal jail for defrauding greater than 40 buyers out of $900,000 in a crypto mining Ponzi scheme.
In response to a Thursday Division of Justice announcement, Moore operated Quantum Donovan LLC from January 2021 to October 2022. Via the corporate, he reportedly defrauded over 40 buyers out of greater than $900,000.
Whereas selling the scheme, Moore claimed that the funds raised can be spent on cryptocurrency mining {hardware}. He promised buyers every day returns of 1%.
“Mr. Moore used the novelty of cryptocurrency to commit an age-old fraud — a Ponzi scheme,” stated Performing US Legal professional Teal Luthy Miller.
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The top of a protracted battle
US Justice Division officers charged Moore with fraud way back to March 2024. Authorities stated he leveraged connections “from his rugby actions” to seek out buyers.
As an alternative of buying mining {hardware}, Moore reportedly used investor cash to fund a lavish way of life. He bought luxurious flats, designer baggage, and electronics, utilizing new investor funds to repay earlier ones, typical in Ponzi schemes.
US District Choose Tana Lin in Seattle stated that he “prompted emotional and psychological harm to the victims” along with monetary losses.
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The most recent crypto Ponzi scheme of many
Moore’s case is way from the one one through which crypto was leveraged to lure victims right into a rip-off or a Ponzi scheme. In mid-February, a US regulator charged a Las Vegas man with allegedly defrauding over 400 buyers out of $24 million by means of a deceptive AI-driven crypto mining funding that was a disguised Ponzi scheme.
In late January, Antonia Perez Hernandez, a promoter of the forcount crypto Ponzi scheme who pleaded responsible to conspiracy to commit wire fraud, was sentenced to greater than two years in jail.
In late 2024, an 86-year-old former California legal professional was sentenced to 5 years’ probation and ordered to pay nearly $14 million after admitting to finishing up a multimillion-dollar crypto Ponzi scheme.
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