BitClub Promoter Admits Guilt In $722M Crypto Ponzi Scheme

By Philip Rosenstein (September 3, 2020, 8:10 PM EDT) -- New Jersey U.S. Attorney Craig Carpenito announced on Thursday the guilty plea of a California man who admitted involvement in a conspiracy to offer and sell unregistered securities and falsifying a tax return related to work with the BitClub Network — which prosecutors have likened to a high-tech Ponzi scheme.

Over video conference, Joseph Frank Abel admitted before U.S. District Judge Claire C. Cecchi to receiving money from investors in return for BitClub Network mining pool shares that weren't registered with the U.S. Securities and Exchange Commission, Carpenito's office said. Abel further admitted promoting the BitClub Network through online videos and speeches and presentations in numerous...

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