California man pleads guilty to stealing up to $1.5 million through a bitcoin investment scheme

The California resident pleaded guilty to theft and money laundering totaling up to $1.5 million. He presented himself to victims as the owner of a successful business and a Bitcoin investor, according to a press release from the U.S. Department of Justice.

The 35-year-old Ze’Shon Stanley Campbell pleaded guilty to a single count of wire fraud.

According to his confession, from 2014 to 2020 Campbell formed friendly and even romantic relationships with victims, convincing them of his reliability. To bolster his credibility, he claimed to own ‘millions of dollars’.

He falsely claimed to run a successful business, including a McDonald’s franchise, a security firm and a chain of fitness clubs in Texas. Campbell presented himself to victims as a successful investor in real estate and Bitcoin. The scammer also claimed that he served in the Navy SEALs and participated in the wars in Iraq and Afghanistan.

Convincing victims of his integrity, he urged them to provide funds to purportedly support his business and investments, including in Bitcoin, the first cryptocurrency.

In fact, Campbell used the funds to buy luxury items for himself.

For example, in December 2017 he received $61,452 from one victim, promising to invest it in digital gold. However, he spent the entire amount on personal consumption, including the purchase of BMW and Mercedes-Benz cars. He leased the cars in the name of another victim.

Ultimately, the fraudster defrauded ten individuals and nine companies. According to his confession, the total losses ranged from $250,000 to $1.5 million.

Sentencing hearings are scheduled for January 9, 2023. He faces up to 30 years in prison.

In September, a U.S. court sentenced to 42 months in prison the organizer of the IGOBIT cryptocurrency scam, Asa Sen-Cler. The losses from his actions amounted to more than $600,000.

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