Cryptoisers Promise Superprofit in Financial Pyramid

Two Men Charged with Operating $25M Cryptocurrency Ponzi Scheme
51-year-old David Gilbert Suffron from Australia and 52-year-old Vincent Anthony Maztsotta from Los Angeles appeared before the trial on charges of fraud, money laundering, and creating a financial pyramid. The suspects devised a cunning scheme to attract investments in cryptocurrency trading, promising investors super-profits using AI and automated bots. The scheme offered returns of up to 300% in just three weeks, equivalent to 186 million percent per annum, to gain the confidence of victims. Scammers established various financial structures with convincing names like Circle Society, Bitcoin Wealth Management, and Omicron Trust to deceive their targets. Investors were presented with different investment plans, each offering varying levels of income. These plans included Weekly BTC, Year of the Pig, and The Power of 3. The Circle Society website stated the Power of 3 plan could yield a 300% return in 45 days, while the Year of the Pig offered 188% in 38 days. From September 2018 onwards, Suffron and Maztsott managed to raise at least $11 million in cryptocurrency from their victims. However, instead of using these funds for investments, the money was squandered on luxurious assets such as private planes, luxury hotels, mansions, personal cooks, and guards. The criminals even devised a fictitious entity called the Federal Crypto Reserv and lured some victims by offering to help them recover their lost funds in exchange for an additional fee for an “investigation” into the matter. Some victims believed that someone else had stolen their money and that Suffron and Maztsott were genuinely trying to assist them. To cover their tracks and impede the investigation, the perpetrators employed various tactics, including hiding assets obtained from victims, destroying evidence, and falsifying financial records. They also conducted transfers between virtual wallets and services to create confusion in the cash flow. Suffron and Maztsott now face up to 20 years in prison for each fraud charge, along with additional penalties for obstruction of justice. The investigation is being conducted by the US Tax Administration and the Commission for Trade Futures.

Two Men Charged with Operating $25M Cryptocurrency Ponzi Scheme

51-year-old David Gilbert Suffron from Australia and 52-year-old Vincent Anthony Maztsotta from Los Angeles appeared before the trial on charges of fraud, money laundering, and creating a financial pyramid. The suspects devised a cunning scheme to attract investments in cryptocurrency trading, promising investors super-profits using AI and automated bots.

The scheme offered returns of up to 300% in just three weeks, equivalent to 186 million percent per annum, to gain the confidence of victims. Scammers established various financial structures with convincing names like Circle Society, Bitcoin Wealth Management, and Omicron Trust to deceive their targets.

Investors were presented with different investment plans, each offering varying levels of income. These plans included Weekly BTC, Year of the Pig, and The Power of 3. The Circle Society website stated the Power of 3 plan could yield a 300% return in 45 days, while the Year of the Pig offered 188% in 38 days.

From September 2018 onwards, Suffron and Maztsott managed to raise at least $11 million in cryptocurrency from their victims. However, instead of using these funds for investments, the money was squandered on luxurious assets such as private planes, luxury hotels, mansions, personal cooks, and guards.

The criminals even devised a fictitious entity called the Federal Crypto Reserv and lured some victims by offering to help them recover their lost funds in exchange for an additional fee for an “investigation” into the matter. Some victims believed that someone else had stolen their money and that Suffron and Maztsott were genuinely trying to assist them.

To cover their tracks and impede the investigation, the perpetrators employed various tactics, including hiding assets obtained from victims, destroying evidence, and falsifying financial records. They also conducted transfers between virtual wallets and services to create confusion in the cash flow.

Suffron and Maztsott now face up to 20 years in prison for each fraud charge, along with additional penalties for obstruction of justice. The investigation is being conducted by the US Tax Administration and the Commission for Trade Futures.

/Reports, release notes, official announcements.