A major player in a Crypto Ponzi scheme that doubled the victims from $ 13 million with claims of the use of artificial intelligences enabled by crypto bots and a fake government agency to seek sin.
The US justice department Says On Monday that Vincent Anthony Mazzotta Jr admitted to his role in Defrauding investors by promise High yields are made by fictional investment companies that use AI-powered boting bots bottles.
Mazzotta pleaded guilty to Laundering of money and conspiracy to prevent justice, which together brings a maximum penalty of 15 years to prison. A judge has yet to determine the sentence.
The Department of Justice First accused Mazzotta in late 2023 in a superseding indictment in the existing agency case against his alleged co-conspirator David Saffron. Saffron pleaded with no guilty.
David Kagel will also be charged in connection with the scheme and in October was punished up to five years of trial and was ordered to pay the payment of more than $ 13.9 million after seeking a conspiracy fault to commit commodity fraud.
Mazzotta Use fake government agency: DOJ
The DOJ said Mazzotta used companies, including Mind Capital and Cloud9Capital, to run the scheme and to turn to millions of investor funds.
He added that Mazzotta helped create a fake government agency called the Federal Crypto Reserve and charged thousands of thousands under investigating his companies, which “lost the victims’ investments.”
Tyler Hatcher, a special agent in charge of the IRS Los Angeles Field Office, said that by using fake “US governmental entities to refine their scams,” it attracted the “investigation of the actual federal authorities.”
The money of the victims used to fuel the luxurious lifestyle
The Department of Justice It is said In its original accusation that between December 2017 and July 2023, users’ deposits to companies were filled Crypto mixers And then spent on a set of luxurious items such as private chartered jet flights, luxury hotel accommodation, private mansion mansion, a personal chef and private security guard.
The defendants are said to use a set of fake companies while running The schemeIncludes circle society, Bitcoin wealth management and Omicron’s trust.
Related: Crypto scammer gets 8 years for $ 40m eempowercoin, ecoinplus scams
Prosecutors said Mazzotta also went through aliases Anthony, Delta Prime, and director Vinchenzo, while Saffron used monikers David Gilbert, Dave Gabe, the Blue Wizard and Bitcoin Yoda.
“Bitcoin Yoda” to face the trial
The DOJ said Mazzotta was prompted to cooperate with other unnamed co-conspirators to hide and destroy evidence in Saffron’s apartment after Saffron accused In June 2022.
Mazzotta is said to have destroyed an iPad and incorrect business records to hide his own participation in the scheme.
Saffron has been behind the bars since August 2023 and faced a trial on September 16. The conspiracy arrested him to do wire fraud, wire fraud, conspiracy to hinder justice, conspiracy to make money laundering and money losses.
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