3 Men Accused Of Running $722M Crypto Ponzi Scheme

Law360 (December 10, 2019, 5:51 PM EST) -- New Jersey federal prosecutors on Tuesday charged three operators of purported cryptocurrency mining pool company BitClub Network with running "a modern, high-tech Ponzi scheme" that defrauded investors out of $722 million.

Prosecutors say the men ran BitClub Network from April 2014 through December 2019, soliciting money from investors in exchange for shares of purported cryptocurrency mining pools and offering bonuses for the recruitment of new investors.

Matthew Brent Goettsche, 37, of Lafayette, Colorado, and Jobadiah Sinclair Weeks, 38, of Arvada, Colorado, are charged with wire fraud conspiracy, and they along with Joseph Frank Abel, 49, of Camarillo, California, are also accused...

Stay ahead of the curve

In the legal profession, information is the key to success. You have to know what’s happening with clients, competitors, practice areas, and industries. Law360 provides the intelligence you need to remain an expert and beat the competition.


  • Access to case data within articles (numbers, filings, courts, nature of suit, and more.)
  • Access to attached documents such as briefs, petitions, complaints, decisions, motions, etc.
  • Create custom alerts for specific article and case topics and so much more!

TRY LAW360 FREE FOR SEVEN DAYS

Hello! I'm Law360's automated support bot.

How can I help you today?

For example, you can type:
  • I forgot my password
  • I took a free trial but didn't get a verification email
  • How do I sign up for a newsletter?
Beta
Ask a question!