Romanian Programmer Cops To Role In $722M Crypto Fraud

Law360 (July 9, 2020, 7:34 PM EDT) -- A Romanian man pled guilty Thursday to plotting to sell unregistered securities in connection with his role in a $722 million cryptocurrency mining scheme known as the BitClub Network, New Jersey's top federal prosecutor announced.

Silviu Catalin Balaci, 35, admitted to the wrongdoing during a videoconference hearing before U.S. District Judge Claire C. Cecchi in Newark federal court, U.S. Attorney Craig Carpenito said. Balaci and four others — Matthew Brent Goettsche, Russ Albert Medlin, Jobadiah Sinclair Weeks and Joseph Frank Abel — were charged by indictment in December in connection with the scheme.

A resident of Germany at the time of...

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