• Sat. Jul 20th, 2024

Crypto Fraudster Sent Jail For 6 Months & Ordered To Return The Loot

Jan 29, 2021

Notorious ICO fraudster, Jerry JiGuo, is sent to jail by a US Court to serve six months imprisonment. Court also directs him to return US$ 4 Million as compensation. Guo ensured the court of his full cooperation with the authorities for the return of looted property. US Attorney says that not even the crypto fraudsters can avoid the due process of law and classifies the ruling as the landmark judgment which ensures ends of justice. DOJ instructs its Money Laundering Department to ensure compliance of Court orders by returning the looted money to its original owners.

A US Court has penned down a ruling in which it has sent the notorious ICO Fraudster, Guo, to six months confinement. After the announcement of the ruling, the Department of Justice (DOJ) stated that Guo was found guilty of a crypto fraud on 26th August, 2019. In his effort of committing crypto fraud, he posed himself to an ICO Consultant (i.e. Initial Coin Offering Consultant). With the mala-fide intention, he reached out to investors and enticed them to invest in his crypto Ponzi scheme. He heavily advertised and publicized his Ponzi scheme and made several promises to those who became his clients. However, when the time came for fulfilling his promises, he committed fraud and ran away with embezzled money and crypto-assets.

Evidence available on the case file showed that Guo was charged with multiple offenses relating to wire fraud in violation of US law. However, at the trial stage, Guo only admitted to one account and denied the rest of the charges leveled against him. Later on, the US Court also found him guilty of one charge and discharged him from a total 7 charges.

In the ruling, the Court has sent him to jail for serving 6 months. In addition, the Court has directed Guo to return US$ Million as compensation to be paid to the victims of fraud. Furthermore, Guo has admitted in court that he will be cooperating with the authorities for the return of the looted property by identifying them.

On the other hand, David L. Anderson, who is the US Attorney, stated that finally the crypto fraudsters too are facing the trials. He said that those who think that crypto frauds can avoid justice are completely wrong. He appreciated the US Court’s judgment and termed it a landmark ruling which fulfills the ends of justice. He also said that Guo’s admission to return looted money ensures that compensation is possible even in the cases of crypto frauds.

Upon instructions of the Court, the Government has now obtained a warrant of seizing embezzled proceeds from Guo.

Meanwhile, DOJ said that it will ensure the return of the looted money to their original owners. It told that its Money Laundering and Asset Recovery Department has been instructed to comply with the orders of the Court.

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