TechFlow news — On March 16, according to the U.S. Attorney’s Office for the Eastern District of New York, T.J. Stone (real name Thomas John Sfraga) was sentenced to 45 months in federal prison for defrauding over $2 million through real estate and cryptocurrency investment schemes. He is also ordered to forfeit $1.3377 million, with restitution amounts pending.
Sfraga carried out the fraud using fake businesses and personal relationships, involving at least 17 victims, promising returns as high as 60% within three months. The schemes included fictitious real estate flipping projects and cryptocurrency investments. T.J. Stone even tricked victims into borrowing $100,000 for non-existent construction projects. After the investigation began, Sfraga fled to Arizona and assumed a false identity, before ultimately being arrested in Las Vegas. The case was handled by the U.S. Attorney’s Office for the Eastern District of New York and the FBI, with prosecutor John Vagelatos leading the prosecution.
