Three people arrested for alleged $722 million cryptocurrency 'Ponzi scheme' targeting 'dumb' investors. Two remain at large.
"What they allegedly did amounts to little more than a modern, high-tech Ponzi scheme that defrauded victims of hundreds of millions of dollars," Carpentino added."Working with our law enforcement partners here and across the country, we will ensure that these scammers are held to account for their crimes."
Two other defendants remain at large, authorities said. Their identities are under seal and were not released.The three men arrested"are accused of deploying elaborate tactics to lure thousands of victims with promises of large returns on their investments in a bitcoin mining pool, an advanced method of profiting on cryptocurrency," Paul Delacourt, the assistant director in charge of the FBI’s Los Angeles Field Office, said in a statement.
From April 2014 until this month, the men allegedly ran BitClub Network, which rewarded investors for recruiting new investors and brought in money from them in exchange for shares in the apparent crypto mining pools. Abel and Weeks promoted BitClub Network to investors around the country, law enforcement said. In one promotional video, Abel told investors that BitClub Network was"too big to fail."
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