TechFlow news, June 28 — According to The Block, Dwayne Golden, a 57-year-old man from Pennsylvania, has been sentenced to 97 months (approximately 8 years) in prison for running a cryptocurrency Ponzi scheme. Golden, together with accomplices Gregory Aggesen and Marquis Demacking Egerton, operated three fraudulent cryptocurrency companies—EmpowerCoin, EcoinPlus, and Jet-Coin—from April to August 2017. They promised investors fixed returns through overseas operations and defrauded over $40 million from investors.
The U.S. Department of Justice stated that these companies provided no legitimate services nor conducted any actual cryptocurrency transactions. The illicit funds were used either to pay earlier investors or to enrich the perpetrators. In addition to imprisonment, Golden must forfeit approximately $2.46 million in illegal proceeds. All four defendants have pleaded guilty, with William White sentenced to 30 months in prison, while Aggesen and Egerton are awaiting sentencing.
