[HN Gopher] Crypto Fund Manager/Scammer Sentenced to 7yrs
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Crypto Fund Manager/Scammer Sentenced to 7yrs
Author : clpm4j
Score : 50 points
Date : 2021-09-15 20:48 UTC (2 hours ago)
(HTM) web link (www.justice.gov)
(TXT) w3m dump (www.justice.gov)
| eaenki wrote:
| What happens if Hypothetically he has those $54mm He was ordered
| to pay back in a properly hid zcash wallet and he says he just
| gambled them away / lost the keys?
| shapefrog wrote:
| Hodl and do your time? Come out of the country club prison in a
| few years and you have a pile of crypto that might be worth
| something, or nothing.
| bhhaskin wrote:
| Except you can never use it. You would be monitored and
| suddenly having unexplained income would for sure trigger an
| alert. You would then go to jail for perjury.
| bostonsre wrote:
| He could move to a country with no extradition agreement
| with the US.
| janmo wrote:
| He could launder the money, and start over again. Not that
| hard. People also tend to forget and in 7 years no one will
| remember him. He could also go to another country after his
| release or just disappear.
|
| Many cases where people have run away with millions or even
| billions and are nowhere to be found:
|
| - Ruja Ignatova (OneCoin)
|
| - Jan Marsalek (Wirecard)
|
| - Gerald Cotten and Omar Dhanani (QuadrigaCX) I like this
| one. It is obvious that Gerald faked his death and that
| Omar is putting everything on his "dead" friend.
|
| So getting away with something like that is not impossible
| at all. In fact if you have millions it is quite easy it
| seems.
| GDC7 wrote:
| > In fact if you have millions it is quite easy it seems
|
| People want to make millions to enjoy them and spend
| them.
|
| Basically no merchant accepts crypto and the crypto for
| cash schemes are not equipped to convert huge amount of
| money.
|
| The only ones who could exchange hundreds of millions or
| billions in BTC for cash are the cartels or their clients
| in USA/Europe/Asia.
|
| These people are white collar crime type individuals, if
| they try to reach them the aforementioned organizations
| would quite literally mop the floor with them.
| thegypsyking wrote:
| What type of visa does a 20 year old get to start a hedge fund on
| wall street? I'm really curios, because working on this is my
| dream but I'm stuck as an L1 engineer at faang instead :(. I
| worked really hard to get here but I really wish I could do
| something like this (legitimately) instead.
| shapefrog wrote:
| EB-5 Immigrant Investor Program - all it takes is 1mil usd and
| you are in.
| pvarangot wrote:
| Back then it was 500k. And also it's not that you loose the
| money, you actually do invest it but it has to be on
| businesses that the government green lights as "job
| creators". When I looked into it, those were mostly
| agriculture or real estate.
| arcticbull wrote:
| If you've got the chops to run a hedge fund, an O-1 parlayed
| into an EB1A green card.
|
| Or, if you're from a listed country, an E-2 treaty investor
| visa.
| asadlionpk wrote:
| found your company, hire yourself on h1/o1.
| paulgb wrote:
| > Virgil Sigma and VQR
|
| References to Two Sigma and AQR, I guess?
| shapefrog wrote:
| > is a 24-year old Australian national. According to its public
| marketing materials, Virgil Sigma has been profitable in every
| month from August 2016 to the present
|
| So 24 now, in 2017 investors gave a 100mil to invest in crypto on
| the say so of a 19 year old who said they make money every month.
| Honestly not sure who the is the bigger bad guy in all this, the
| scammer or the scammed.
| H8crilA wrote:
| The key in every speculative bubble is to remember that you
| _must exit_ , or you'll be the one holding the bag.
|
| (I hate scammers like this guy, but the comparison is valid, I
| think)
| ScottMann wrote:
| The scammers get more creative every day. What I want to know is
| how an individual can be certain their crypto is safe? And how
| does one get their money back?
|
| That is my biggest concern with my crypto wallet.
| AQuantized wrote:
| To be totally safe you need to hold in 'cold storage,' totally
| offline. Unless the feds intercept someone in the act of
| scamming/stealing crypto and negotiate the crypto back into
| your hands, it's incredibly unlikely you will ever get your
| money back.
| ProjectArcturis wrote:
| Looks like a pretty standard Ponzi scheme, just that he claimed
| to be making money with some kind of crypto arb.
| p1necone wrote:
| With unregulated crypto everything old is new again. There's
| ponzi schemes and pump and dumps everywhere.
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