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Home»BLOCKCHAIN NEWS»Cryptocurrency personality TJ Stone admits to wire fraud charges
BLOCKCHAIN NEWS

Cryptocurrency personality TJ Stone admits to wire fraud charges

By Crypto FlexsMay 17, 20242 Mins Read
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Cryptocurrency personality TJ Stone admits to wire fraud charges
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Thomas John Sfraga, known as ‘TJ Stone,’ pleaded guilty to fraud charges in Brooklyn federal court on Thursday.

According to the U.S. Department of Justice, Sfraga was accused of defrauding investors by promising returns of up to 60% within three months through a non-existent cryptocurrency digital wallet. Instead of following through on these promises, he allegedly used these funds for personal use and to appease victims of previous fraudulent activities.

“For years, Sfraga shamelessly lied to his friends, neighbors and investors, embezzling more than $1.3 million of their hard-earned money,” Breon Peace, U.S. attorney for the Eastern District of New York, said of the case.

Brooklyn man and cryptocurrency celebrity TJ Stone plead guilty to wire fraud

The defendant admits to using a business named after the fictitious Seinfeld company to bill real estate and cryptocurrency investors out of more than $1.3 million.@NewYorkFBI https://t.co/ZaIITsS4YQ

— U.S. Attorney EDNY (@EDNYnews) May 17, 2024

A throwback to ‘Seinfeld’

Sfraga also claimed ownership of “Vandelay Contracting Corp.” and “Build Strong Homes LLC,” a company with a name reminiscent of a fictional corporation from the TV show “Seinfeld.” This fictitious reference was part of his strategy to lure investors into financing a non-existent construction project.

The FBI investigation found that Sfraga’s fraudulent activities extended to cryptocurrency staking, the process of using digital assets to power blockchain networks and provide potential profits through yield. According to a December 2023 FBI complaint, Sfraga misrepresented the risks associated with staking cryptocurrencies to potential investors, claiming it was a “risk-free” “down to earth situation.”

Sfraga, whose background includes real estate development, media relations, podcasting and hosting cryptocurrency events in New York, currently faces up to 20 years in prison. He was also ordered to pay $1.33 million in restitution.

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