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ARTICLE · 27 SEPTEMBER 2022

DOJ And SEC Target Crypto Fraud And Unregistered ‘Crypto Asset Securities'

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Another recent DOJ press release announced the guilty plea of an individual accused of laundering and transmitting the proceeds of Ponzi-type investment fraud schemes based out of Nigeria.

United StatesTechnology
Keith R. Murphy
Keith R. Murphy
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A recent press release from the U.S. Department of Justice (DOJ) announced that a cryptocurrency fraudster was sentenced to 42 months in prison for devising a fraudulent investment scheme that took in more than $600,000 from 60 victims. According to the press release, the fraudster convinced victims to loan money to his organization, World Sports Alliance, based on a purported connection to the United Nations and for the promise of investment returns related to a digital currency called IGObit.

Another recent DOJ press release announced the guilty plea of an individual accused of laundering and transmitting the proceeds of Ponzi-type investment fraud schemes based out of Nigeria. According to the press release, the schemes involved the offer of trading and bitcoin investing services in a Ponzi-like fraud. The defendant reportedly laundered the fraud proceeds through a network of co-conspirators in the United States, and used his personal and business accounts in the

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