Fake Crypto Fund Operator Pleads Guilty to Defrauding Investors

Michael Joseph McElhiney, age 37 and formerly of Spokane, Washington, has pleaded guilty to wire fraud, the U.S. Department of Justice (DOJ) announced on Wednesday. Between March 4, 2021, and Sept. 10, 2022, McElhiney defrauded investors by falsely claiming to operate a cryptocurrency investment fund called Mac Blockchain Solutions. He contacted victims in person, via dating apps, and through online gaming, promising investments in cryptocurrencies and blockchain projects with guaranteed returns and liquidity. Instead, McElhiney used the funds for personal gambling, fabricating investment progress. He defrauded over $350,000, including cash, rare art, and precious metals. When victims sought to withdraw their investments, McElhiney provided false excuses to delay or prevent payouts.

Source: Bitcoin

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