Express

California Man Pleads Guilty To Soliciting Investors For $722 Million Crypto Mining Scam

Emily Mason

Summary: A California man pleaded guilty to soliciting investors for a $722 million cryptocurrency mining scheme, as reported by Bloomberg. Joseph Frank Abel pleaded guilty to charges of conspiring to offer and sell unregistered securities and subscribed to a false tax return. He was charged along with four co-defendants in December 2019. His fraudulent organization, BitClub Network, ...

A California man pleaded guilty to soliciting investors for a $722 million cryptocurrency mining scheme, as reported by Bloomberg.

Joseph Frank Abel pleaded guilty to charges of conspiring to offer and sell unregistered securities and subscribed to a false tax return. He was charged along with four co-defendants in December 2019.

His fraudulent organization, BitClub Network, solicited money from investors in exchange for shares in cryptocurrency mining pools and rewarded members for recruiting new investors. Abel will be sentenced on January 27.

By Emily Mason

Last Update:

Tags: BitClub Network,Crypto Mining Scam
Link: California Man Pleads Guilty To Soliciting Investors For $722 Million Crypto Mining Scam [Copy]

Last: Andreas Antonopoulos Believes DeFi Can Serve The Unbanked, But That The Industry Is A Decade Away From Maturity

Next: Governance Token Celo Set To Be Temporarily Listed On Coinbase, Exchange Commits To Expanding Coin Offerings

U.S. SEC Clears Path for Institutional Crypto Custody, Recognizing State Trust Companie... 1 day ago

BTC Weekly Watch: Is the Rebound "Feast" Nearing Its End? 16 days ago

The Crypto Treasury Boom Meets Regulatory Chill: Is the DAT Frenzy Fading? 23 days ago

Nasdaq Takes Aim at 'Crypto-Flipping' Companies with Stricter Rules 27 days ago

BTC Weekly Outlook: The Oversold Bounce—A Bottom or a Shorting Opportunity? 29 days ago