U.S. investment manager sentenced to nine years’ imprisonment for $10 million crypto Ponzi scheme
An investment manager, who scammed Americans of $10 million through a cryptocurrency Ponzi scheme, has been sentenced to nine years’ imprisonment and three years of supervised release.
Rathnakishore Giri, 31, paraded himself as an expert cryptocurrency trader specialising in bitcoin. He lured investors with the promise of using and preserving their capital to generate enormous returns.
According to Mr Giri, the trading would bear no risk to the investors’ principal capital. But in reality, he was only using the money of new investors to pay old investors, in a manner akin to a ponzi scheme.
But the hand of the law caught up with him after he failed to deliver the so-called “guaranteed” returns and the capital, causing the FBI to launch an investigation into the matter.
He told different tales to investors who had become impatient and desperate to recover their capital.
Mr Giri pleaded guilty to wire fraud in October 2024 and was released on bail while awaiting trial. During his pre-trial release, he continued to scam more victims with juicy cryptocurrency investment offers.
“Pending sentencing, Giri continued to solicit funds from cryptocurrency investors, causing additional harm to new victims,” the justice department said in a statement on Monday.
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