TechFlow news — Damian Williams, U.S. Attorney for the Southern District of New York, announced that Pablo Renato Rodriguez, co-founder of AirBit Club, has been sentenced to 12 years in prison for orchestrating a global-scale cryptocurrency Ponzi scheme.
According to the Department of Justice, Rodriguez and his accomplices defrauded individuals into investing in AirBit Club—an alleged cryptocurrency mining and trading company—and carried out complex money laundering operations to conceal the illicit proceeds stolen from AirBit Club. Co-defendants Dos Santos, Scott Hughes, Cecilia Millan, and Karina Chairez have already pleaded guilty and are awaiting sentencing.
Rodriguez and his co-defendants have been ordered to forfeit their fraud proceeds from the AirBit Club scheme, including seized assets such as approximately $100 million in cash, bitcoin, and real estate.
