Crypto Fraudster Sentenced to 97 Months for $40M Ponzi Scheme

Dwayne Golden, a 57-year-old convicted of orchestrating a $40 million cryptocurrency Ponzi scheme, has been sentenced to 97 months in federal prison. The sentencing, handed down by U.S. District Judge William F. Kuntz II in Brooklyn, marks the culmination of a years-long investigation into fraudulent digital asset firms EmpowerCoin, ECoinPlus, and Jet-Coin.

Golden and his co-defendants—Gregory Aggesen, Marquis Egerton, and William White—lured investors with promises of guaranteed returns from overseas crypto trading. Instead, the operation functioned as a classic Ponzi scheme, diverting new investor funds to pay earlier participants while siphoning off profits for personal enrichment. The scheme collapsed in 2017 when the operators abruptly shuttered the platforms and vanished with remaining funds.

Prosecutors revealed the group actively obstructed justice by destroying evidence and submitting false information during FTC and grand jury investigations between 2017 and 2022. The case underscores regulators' increasing scrutiny of crypto-related fraud as enforcement actions intensify industry-wide.