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...

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