Crypto Flexs
  • DIRECTORY
  • CRYPTO
    • ETHEREUM
    • BITCOIN
    • ALTCOIN
  • BLOCKCHAIN
  • EXCHANGE
  • ADOPTION
  • TRADING
  • HACKING
  • SLOT
  • TRADE
Crypto Flexs
  • DIRECTORY
  • CRYPTO
    • ETHEREUM
    • BITCOIN
    • ALTCOIN
  • BLOCKCHAIN
  • EXCHANGE
  • ADOPTION
  • TRADING
  • HACKING
  • SLOT
  • TRADE
Crypto Flexs
Home»ADOPTION NEWS»Australian and Los Angeles resident charged with $25 million AI cryptocurrency trading Ponzi scheme
ADOPTION NEWS

Australian and Los Angeles resident charged with $25 million AI cryptocurrency trading Ponzi scheme

By Crypto FlexsDecember 13, 20232 Mins Read
Facebook Twitter Pinterest LinkedIn Tumblr Email
Australian and Los Angeles resident charged with  million AI cryptocurrency trading Ponzi scheme
Share
Facebook Twitter LinkedIn Pinterest Email

The U.S. Department of Justice has arrested Australian national David Gilbert Saffron and Los Angeles resident Vincent Anthony Mazzotta Jr. on charges of masterminding a $25 million Ponzi scheme using AI cryptocurrency trading. Indicted. The case highlights growing concerns about fraudulent activity in the fast-growing cryptocurrency and AI technology sectors.

Plan Operation Details

The indictment alleges that Saffron and Mazzotta conspired to defraud investors through various trading programs that falsely promised high returns using AI automated trading bots for the cryptocurrency markets. Operating under various names including Circle Society, Bitcoin Wealth Management, Omicron Trust, Mind Capital, and Cloud9Capital, the duo defrauded investors and diverted their funds for excessive personal expenses such as private jets, luxury hotels, and private security guards.

Create a virtual entity

To further their fraud, Saffron and Mazzotta created a fictitious entity called the Federal Crypto Reserve. They lured victims into investing in their schemes and then demanded additional funds in the name of investigating and recovering victims’ losses. Using aliases and online personas such as Blue Wizard and Bitcoin Yoda, Saffron obscured his identity during these solicitations.

Obstruction and money laundering charges

Both men were charged with conspiring to obstruct justice, including concealing assets, destroying evidence and falsifying records. They reportedly used methods such as ‘blockchain hopping’, ‘mixers’ or ‘tumblers’ to prevent the tracking of embezzled cryptocurrencies. The charges against them include wire fraud, money laundering and obstruction of justice, and if convicted they could face up to 20 years in prison on the main charge.

Notably, Saffron has previously been indicted by the Commodity Futures Trading Commission, indicating a history of legal trouble related to his financial activities.

Image source: Shutterstock

Share. Facebook Twitter Pinterest LinkedIn Tumblr Email

Related Posts

Stablecoin startups surpass 2021 venture capital peaks as institutional money spills.

June 28, 2025

Gala Games improves leader board rewards and introduces preference systems.

June 20, 2025

Ether Leeum Whale starts a $ 11 million leverage betting in the 30% increase in ETH prices.

June 12, 2025
Add A Comment

Comments are closed.

Recent Posts

Shheikh.io Launches SHHEIKH Token Presale For Blockchain-Backed Real‑World Asset Investments

June 30, 2025

What should I do with encryption?

June 30, 2025

AAS Miner Will Become The Top Free Cloud Mining Platform For Passive Income From Mining Cryptocurrencies Such As BTC And ETH In 2025

June 30, 2025

Bitcoin is integrated into less than $ 108,000, but the eyes are set for $ 115,000.

June 29, 2025

Etherrium price behavior is weakened-danger of short-term modifications

June 29, 2025

Last Opportunity-The bonus stage of the light chain AI begins after closing all 15 pre-sales stages.

June 29, 2025

Its Important To Know What’s Really Going On?

June 29, 2025

Elon Musk, SpaceX And Crypto Hype: What’s Really Going On?

June 28, 2025

Checkpoint #4: Berlinterop | Ether Leeum Foundation Blog

June 28, 2025

TRON Price Propects USDT supply exceeded $ 80 billion

June 28, 2025

Stablecoin startups surpass 2021 venture capital peaks as institutional money spills.

June 28, 2025

Crypto Flexs is a Professional Cryptocurrency News Platform. Here we will provide you only interesting content, which you will like very much. We’re dedicated to providing you the best of Cryptocurrency. We hope you enjoy our Cryptocurrency News as much as we enjoy offering them to you.

Contact Us : Partner(@)Cryptoflexs.com

Top Insights

Shheikh.io Launches SHHEIKH Token Presale For Blockchain-Backed Real‑World Asset Investments

June 30, 2025

What should I do with encryption?

June 30, 2025

AAS Miner Will Become The Top Free Cloud Mining Platform For Passive Income From Mining Cryptocurrencies Such As BTC And ETH In 2025

June 30, 2025
Most Popular

Top Trader Accumulates Solana-Based Mimecoin, Says Time Is Running Out Before Crypto Bears See Short Squeeze

July 2, 2024

Bitcoin’s EigenLayer, StakeLayer Announce Presale Distribution

April 4, 2024

Explore cryptocurrency and technology trends

January 4, 2024
  • Home
  • About Us
  • Contact Us
  • Disclaimer
  • Privacy Policy
  • Terms and Conditions
© 2025 Crypto Flexs

Type above and press Enter to search. Press Esc to cancel.