{"id":9645,"date":"2021-09-10T14:37:26","date_gmt":"2021-09-10T13:37:26","guid":{"rendered":"https:\/\/coinscreed.com\/staging\/?p=9645"},"modified":"2021-09-10T14:37:41","modified_gmt":"2021-09-10T13:37:41","slug":"ohio-man-pleads-guilty-to-scamming-investors-of-over-30m-in-a-crypto-scheme","status":"publish","type":"post","link":"https:\/\/coinscreed.com\/staging\/ohio-man-pleads-guilty-to-scamming-investors-of-over-30m-in-a-crypto-scheme\/","title":{"rendered":"Ohio man pleads guilty to scamming investors of over $30M in a crypto scheme"},"content":{"rendered":"\n
According to the US Department of Justice<\/a>, Michael Ackerman the individual behind a multi-million dollar cryptocurrency scam pleaded guilty to fraud this week and may face up to 20 years in jail if convicted. <\/h5>\n\n\n\n
\"Ohio<\/figure><\/div>\n\n\n\n

Following his guilty plea for scamming investors in a crypto scheme he orchestrated in 2017\r\n \r\n \r\n \r\n <\/g>\r\n \r\n \r\n \r\n <\/clipPath>\r\n <\/defs><\/svg><\/span><\/a>, Ohio man Michael Ackerman could face up to 20 years in prison.<\/p>\n\n\n\n

Hundreds of investors were sucked in by the too good to be true hoax, which promised 15 percent monthly returns if they put money into a crypto fund called the Q3 Trading Club.<\/p>\n\n\n\n

Audrey Strauss, the United States Attorney for the Southern District of New York, announced Ackerman's guilty plea on Sept. 8, saying he admitted to defrauding victims of more than $30 million.<\/p>\n\n\n\n

\u201cAs he admitted today, Michael Ackerman raised millions of dollars in investments for his fake cryptocurrency scheme by falsely touting monthly returns of over 15 percent.\u201d<\/p><\/blockquote>\n\n\n\n

Strauss also admitted to falsifying documents to deceive investors<\/a> into believing his fund had a $315 million balance. According to the Department of Justice, the fund never had a balance of more than $5 million.<\/p>\n\n\n\n

Ackerman used $9 million in investor funds to “fund a luxury lifestyle” that included real estate, jewelry, vehicles, travel, and personal security services, according to the complaint.<\/p>\n\n\n\n

The 52-year-old pleaded guilty to wire fraud charges and agreed to pay at least $30 million in restitution, as well as forfeit $36 million in cash, real estate, and jewelry he fraudulently acquired. On January 5, 2022, Ackerman will be sentenced.<\/p>\n\n\n\n

In February 2020, the Securities and Exchange Commission<\/a> charged him with breaking securities laws. It was stated at the time that he used a private Facebook group called “Physicians Dads” to target doctors in particular.<\/p>\n\n\n\n

Ackerman, a former New York Stock Exchange institutional broker, worked with James Seijas, a former Wells Fargo financial advisor, and surgeon Quan Tran as part of a trio.<\/p>\n\n\n\n

In April 2020, victims of the scheme sued Wells Fargo for neglecting to investigate an employee's actions.<\/p>\n","protected":false},"excerpt":{"rendered":"

According to the US Department of Justice, Michael Ackerman the individual behind a multi-million dollar cryptocurrency scam pleaded guilty to fraud this week and may face up to 20 years in jail if convicted. Following his guilty plea for scamming investors in a crypto scheme he orchestrated in 2017 , Ohio man Michael Ackerman could […]<\/p>\n","protected":false},"author":12,"featured_media":9676,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[26],"tags":[4350,4348,366,4128],"class_list":["post-9645","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-cryptocurrencies","tag-michael-ackerman","tag-ohio","tag-scam","tag-sentence"],"jetpack_featured_media_url":"https:\/\/coinscreed.com\/staging\/wp-content\/uploads\/2021\/09\/Ohio-man-pleads-guilty-to-scamming-investors-of-over-30M-in-a-crypto-scheme-1.jpg","jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/posts\/9645","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/users\/12"}],"replies":[{"embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/comments?post=9645"}],"version-history":[{"count":0,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/posts\/9645\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/media\/9676"}],"wp:attachment":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/media?parent=9645"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/categories?post=9645"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/tags?post=9645"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}