A court in the United States has sentenced a San Francisco resident to six months in prison for defrauding ICO investors. This is described in a сообщении from the Department of Justice.
In 2018, the man posed as a token-sale consultant and offered services on behalf of cryptocurrency startups. According to the agency, the value of the digital assets and fiat currency he misappropriated exceeded $20 million.
Authorities brought eight counts against the San Francisco resident — he faced up to 20 years in prison. In August 2019 the man pleaded guilty to one count; the remaining counts were dismissed.
The government also obtained a warrant to seize the stolen funds.
The court ordered him to pay $4.4 million in restitution. After his release from prison he will be under government supervision for three years.
In December 2020, a court in the Southern District of California ordered the ICO startup Blockves and its founder Reginald Buddy Ringold to pay $696,097 in illegally raised funds, fines and interest.
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