Ohio man sentenced to 9 years for running $10 million crypto Ponzi scheme
The Block
Rathnakishore Giri was sentenced to nine years in prison for orchestrating a $10 million cryptocurrency Ponzi scheme through fraudulent investment promises.Summary
Rathnakishore Giri, an Ohio resident, has been sentenced to nine years in federal prison for operating a multi-year cryptocurrency Ponzi scheme that defrauded investors of at least $10 million. Giri pleaded guilty to wire fraud, admitting he used funds from new investors to pay off earlier ones while falsely guaranteeing risk-free returns. The U.S. Department of Justice noted that Giri continued to solicit funds even after his guilty plea, and the scheme involved entities such as SR Private Equity, LLC and NBD Eidetic Capital, LLC.
(Source：The Block)