Arizona Man Pleads Guilty to $13M Crypto Ponzi Scheme Involving Fake ’Federal Reserve’

BTCC / BTCC Square / Global Cryptocurrency /

Author:

Release Time:

2025-07-29 23:43:01

BTCCSquare news:

Vincent Anthony Mazzotta Jr., an Arizona resident, has admitted to orchestrating a $13 million cryptocurrency Ponzi scheme, according to a Department of Justice press release. Mazzotta and co-defendant David Saffron lured investors with promises of high-yield returns from fraudulent crypto ventures like Mind Capital and Cloud9Capital.

The scheme took a brazen turn with the creation of the 'Federal crypto Reserve' (FCR), a fictitious entity that purported to investigate crypto companies while simultaneously extracting thousands from victims. Acting Assistant Attorney General Matthew R. Galeotti condemned the operation as a 'sophisticated cryptocurrency scheme' that exploited investor trust through deception.

By:

Log in to Reply

Carvana Stock Poised for Volatility as Earnings Approach

Articles on this site are sourced from public networks or curated by AI for informational purposes only and do not represent BTCC’s views. Original rights belong to the respective authors. For copyright concerns, please contact [email protected]. BTCC assumes no liability for the accuracy, timeliness, or completeness of this information, and disclaims all liability arising from reliance on such content. This content is for reference only and should not be taken as investment, legal, or commercial advice.