U.S. grand jury returns indictment against founder of five cryptocurrency scam projects

A federal grand jury in Phoenix, Arizona, returned an indictment on 50 counts of fraud and money laundering against the founder of the mining company Dunamis Global Technologies.

According to court filings, the 45-year-old Jeremy Sauerby allegedly defrauded millions from at least 150 victims by posing as investments in cryptocurrency mining devices.

Sauerby promised users delivery of ASIC miners with unique serial numbers linked to their cryptocurrency wallets. However, in fact, all funds received were transferred to his accounts. He used them to purchase a Tesla, real estate, digital assets and other high-value items.

Victims never gained access to the investments or the purported profits.

Sauerby is also charged in connection with investment fraud schemes operating under the names Now Mining, VIP Mining, Millennium Technologies and the hedge fund Justice Capital.

Authorities are continuing to seek individuals harmed by the activities of the listed companies.

In total, on the two charged counts, the defendant faces up to 30 years in prison and fines of up to $500,000.

Earlier, the U.S. Department of Justice charged the organizers of the crypto scam for $25 million.