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Arizona Man Pleads Guilty in $13M Crypto Ponzi Scheme, Faces Up to 15 Years
Arizona Man Pleads Guilty in $13M Crypto Ponzi Scheme, Faces Up to 15 Years
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BTCCSquare news:
Vincent Mazzotta Jr. admitted to orchestrating a fraudulent scheme that duped investors out of $13 million through fake AI Trading Bots and a fabricated entity called the "Federal Crypto Reserve." The operation, which ran from 2017 to 2023, lured victims with promises of high returns from nonexistent automated trading systems.
Mazzotta and co-conspirator David Gilbert Saffron targeted individuals through shell companies like Mind Capital and Cloud9Capital. After initial investments vanished, victims were further exploited with fees for sham investigations into their own losses. The case underscores persistent risks in the crypto space, where flashy technological claims often mask old-fashioned fraud.
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