A Miami man who fleeced victims out of almost $1 million in a fraudulent cryptocurrency funding scheme has been sentenced to over 5 years in federal jail.
30-year previous Ryan James Crawford lured buyers by portraying himself as a savvy crypto entrepreneur and stockbroker who had made tens of thousands and thousands from comparable alternatives.
Keypoints
- Ryan James Crawford, 30, from Miami was sentenced to five.5 years in jail for a fraudulent crypto scheme.
- He was ordered to forfeit almost $1 million that he obtained from victims.
- Crawford falsely claimed to be a profitable stockbroker and crypto entrepreneur who may make folks wealthy.
- He tricked victims into investing $1 million by mendacity about having an AI buying and selling software program and talent to repay.
- As an alternative Crawford used funds on luxurious leases, playing, and different private makes use of slightly than investing or repaying victims.
Crawford claimed he had developed a complicated AI buying and selling software program that “by no means misplaced” and promised extraordinary returns with minimal danger. His pitch was bolstered by flashy movies boasting of taking on the world.
In actuality, Crawford had no buying and selling experience or AI software program. He used victims’ funds on private bills like luxurious automotive leases and playing sprees slightly than investing the cash.
Over 100 buyers had been scammed out of $988,000 between June 2020 and March 2022 by Crawford’s elaborate internet of lies. He grew to become the topic of an NBC information investigation after duped victims spoke out about dropping tens of hundreds of {dollars}.
The story sparked a joint probe by the Secret Service, FBI and native police, finally resulting in Crawford’s arrest in Colorado on wire fraud costs. He pled responsible in August.
At his sentencing, the court docket ordered Crawford to forfeit all $988,000 swindled from victims along with serving 66 months in jail. Prosecutors mentioned he “triggered vital monetary hardship” by actions pushed purely by “greed and self-interest.”
The case reveals the dangers of crypto funding scams promoted by perceived specialists promising unrealistic returns. Crawford fittingly earned the moniker “Crypto Bro” for peddling the identical get-rich-quick narrative that has price many novice buyers.
