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    Home»Crypto News»Mastermind Behind $13,000,000 Crypto Ponzi Scheme Faces 15 Years in Jail After Defrauding Buyers – DOJ – The Day by day Hodl
    Mastermind Behind ,000,000 Crypto Ponzi Scheme Faces 15 Years in Jail After Defrauding Buyers – DOJ – The Day by day Hodl
    Crypto News

    Mastermind Behind $13,000,000 Crypto Ponzi Scheme Faces 15 Years in Jail After Defrauding Buyers – DOJ – The Day by day Hodl

    By Crypto EditorJuly 31, 2025Updated:July 31, 2025No Comments2 Mins Read
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    An Arizona man who masterminded a $13 million crypto Ponzi scheme pleaded responsible this week to cash laundering and conspiracy to hinder justice costs.

    The U.S. Division of Justice (DOJ) says Vincent Anthony Mazzotta Jr., 54, schemed together with his co-defendant David Saffron and others to fraudulently promise buyers high-yield earnings from crypto investments that pretended to depend on automated buying and selling robots powered by synthetic intelligence (AI).

    Mazzotta Jr. lured buyers by convincing them to sink cash into a number of crypto funding firms. When these firms disappeared with the buyers’ capital, he went one step additional and created a pretend authorities entity referred to as the Federal Crypto Reserve (FCR), which solicited 1000’s of further {dollars} from victims by pretending to research those self same corporations.

    The DOJ says Mazzotta Jr. additionally obstructed justice after Saffron’s preliminary arrest by destroying proof at his co-defendant’s condominium, and he tried to falsify the data of his enterprise, Runway Magnificence Inc., to cover his participation within the fraud from a federal grand jury.

    Invoice Essayli, US Legal professional for the Central District of California, warns that criminals like to make use of the “relative novelty” of crypto property to prey on victims.

    Mazzotta Jr. faces a most of 10 years in jail on the cash laundering cost and 5 years for conspiring to hinder justice.

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    Mastermind Behind $13,000,000 Crypto Ponzi Scheme Faces 15 Years in Jail After Defrauding Buyers – DOJ – The Day by day Hodl

    Disclaimer: Opinions expressed at The Day by day Hodl aren’t funding recommendation. Buyers ought to do their due diligence earlier than making any high-risk investments in Bitcoin, cryptocurrency or digital property. Please be suggested that your transfers and trades are at your individual threat, and any losses you could incur are your accountability. The Day by day Hodl doesn’t suggest the shopping for or promoting of any cryptocurrencies or digital property, neither is The Day by day Hodl an funding advisor. Please notice that The Day by day Hodl participates in affiliate internet marketing.

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