TechFlow News, May 19: According to The Block, the U.S. Department of Justice sentenced Rathnakishore Giri, a resident of Ohio, to nine years in prison for wire fraud. Since 2019, Giri operated a Bitcoin derivatives scam through entities including SR Private Equity and NBD Eidetic Capital, falsely promising investors high returns with principal protection. In reality, he used funds from new investors to repay earlier investors, amassing at least $10 million in fraudulent proceeds. The Commodity Futures Trading Commission (CFTC) initiated an enforcement action against him in August 2022; the Department of Justice filed a five-count wire fraud indictment against him in November 2022. Giri pleaded guilty in 2024 but continued raising funds from investors even after his guilty plea.
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