As per the latest reports, the man who was involved in a major cryptocurrency scam has finally admitted to his crime. The person has admitted that he was behind and was responsible for a cryptocurrency scam that pulled millions of dollars from innocent investors.
The person is now pleading guilty to the fraud he has committed. This information has been confirmed by the Department of Justice (DoJ) of the United States.
The US Department of Justice has revealed that the name of the person alleged for the crime is Michael Ackerman who is a resident from Ohio. According to sources, Michael Ackerman can end up facing a jail time of up to 20 years. However, the court is yet to decide on his fate given the fact that he has pleaded guilty in the matter.
Ackerman has been found guilty of a major cryptocurrency scam that he had masterminded back in 2017. From his cryptocurrency scam, he was able to lure innocent investors and get money out of them.
The officials revealed in the report against the criminal that he had launched a scheme that sounded too good to be true for the investors. Although the benefits and profits offered through the platform were clear giveaways, still, they managed to lure innocent investors.
With the help of the scheme, the scammer was able to lure hundreds of investors and deprive them of their money. Through his scheme, Ackerman made the investors think that they were depositing their money into Q3 Trading Club. The investors were blindly depositing their money in the form of United States dollars and convert them into cryptocurrencies.
The most interesting part of the scheme was the minimum monthly returns Ackerman offered through the scheme. The scheme reportedly claimed that at a minimum, the scheme would give investors monthly returns worth 15%.
The announcement of the plea from Michael Ackerman was announced by Audrey Strauss on Wednesday, September 8, 2021. Audrey Strauss in New York South District’s attorney who made the announcement of the guilty plea made by Michael Ackerman.
In the statement, Strauss also revealed that Ackerman had admitted to all his crimes, confirming he had pulled over $30 million from the investors throughout this scamming scheme.
The statement also revealed that Michael Ackerman had even gotten documents forged, which showed that the particular he was handling had over $315 million in it. This led the investors to believe that the fund was authentic and others were already benefitting from it. In actuality, the fund he managed never had a balance that went over $5 million.
The DoJ revealed that Ackerman used a lot of the investors’ money to have a luxurious and lavish lifestyle. He was constantly buying real estate, properties, cars, jewelry, and other stuff with people’s money.