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$9.5M Crypto Ponzi Scheme involving a Disbarred Attorney

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$9.5M crypto Ponzi scheme

Posted By  Kellerdale
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Disbarred Attorney Pleads Guilty in $9.5M Crypto Ponzi Scheme

Introduction

Disbarred attorney David Keiji, 57, has pled guilty to orchestrating a $9.5 million cryptocurrency Ponzi scheme. This scheme involved fraudulent investment programs promising high returns through cryptocurrency trading, defrauding multiple investors.


Summary of facts
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    • Crime: David Keiji, a disbarred attorney, conducted a Ponzi scheme involving fraudulent crypto investments.

    • Method: Promised high returns through non-existent cryptocurrency trading.

    • Funds: Accumulated $9.5 million from investors.

    • Actions: Used the funds to pay earlier investors, kept funds for personal use.

    • Legal: Keiji faces up to 5 years in prison; sentencing scheduled for December 2024.

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Breakdown of the Timeline for this alleged scam:

The scheme operated over several years, with the attorney soliciting funds from investors under false pretenses. Promises of high returns were made to attract new investments, which were then used to pay off earlier investors, creating the illusion of a profitable venture. The attorney's disbarment did not deter continued fraudulent activities, leading to significant financial losses for victims until law enforcement intervened.

Legal Implications:
David Keiji's guilty plea includes a potential five-year prison sentence. The fraudulent activities led to significant financial losses for investors, and the case emphasizes the severe consequences of engaging in Ponzi schemes within the crypto space.
Summary:

David Keiji, a disbarred attorney, pleaded guilty to running a $9.5 million cryptocurrency Ponzi scheme. Keiji and his accomplices lured investors with promises of high returns from cryptocurrency trading, but instead used new investors' funds to pay previous investors and for personal expenses. Keiji faces up to five years in prison, with sentencing scheduled for December 2024.

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Entity Related Search Terms
Disbarred Attorney Crypto Ponzi Scheme, Fraud
Investors Investment Scam, Financial Loss
Cryptocurrency High Returns, Guaranteed Profits
Wire Fraud Financial Crime, Legal Consequences
Money Laundering Financial Misconduct, Illicit Funds
Reference Source: [1] https://www.cryptotimes.io/2024/05/30/disbarred-attorney-plead-guilty-in-9-5m-crypto-ponzi-scheme/

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Address:
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