Investment Scams

Spokane man pleads guilty to a $350,000 cryptocurrency fraud scheme.

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Michael Joseph McElhiney $350k crypto fraud

Posted By  Clayton Graves
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One Spokane man pleads guilty to $350k crypto fraud

Introduction

In recent news, Michael Joseph McElhiney from Spokane has pleaded guilty to defrauding investors of $350,000 through a fake cryptocurrency investment fund. This case highlights the risks for investors in the cryptocurrency market.


Summary of facts
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  • Defendant: Michael Joseph McElhiney
  • Crime: Fraudulent cryptocurrency investment solicitation
  • Amount Defrauded: $350,000
  • Method: Operated a fake cryptocurrency investment fund called MAC Blockchain Solutions, used Uber and dating apps to meet victims, provided fake tracking information via Coin.FYI
  • Plea: Guilty
  • Sentence: To be sentenced in September

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Breakdown of the Timeline for this alleged scam:
  • March 2021 - September 2022: McElhiney defrauded investors through his fake company, MAC Blockchain Solutions.
  • June 2024: McElhiney pleads guilty in US District Court for Eastern WA.
  • September 2024: McElhiney to be sentenced.
Legal Implications:
McElhiney faces severe legal consequences, including potential prison time and financial penalties, for defrauding investors. His guilty plea indicates a strong case built by the prosecution.
Summary:

Michael Joseph McElhiney from Spokane has pleaded guilty to defrauding investors of $350,000 through a fraudulent cryptocurrency investment fund named MAC Blockchain Solutions. He used deceptive tactics, including fake tracking apps and meeting investors via Uber and dating apps. McElhiney will be sentenced in September, facing severe legal consequences for his actions.

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Entity Related Search Terms
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Spokane Michael Joseph McElhiney, $350k crypto fraud
Reference Source: [1] https://newstalk870.am/spokane-man-pleads-guilty-to-350k-worth-of-crypto-fraud-scheme/

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