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A federal jury in Phoenix, Arizona, indicted 45-year-old Jeremy Sowerby for cryptocurrency fraud and money laundering.
The indictment states that Jeremy Sowerby organized a Dunamis Global Technologies cryptocurrency scheme, defrauding more than 150 people out of millions of dollars. The man advertised Dunamis as a company selling cryptocurrency mining equipment. Sowerby told investors that they were purchasing miners with unique serial numbers linked to their cryptocurrency wallet.
The funds received from the victims were sent to a Dunamis address controlled by Sowerby, prosecutors said. The affected investors were never able to access their invested money and withdraw the promised profits. It turned out that the creator of the scheme embezzled this money and used it to buy a Tesla car, residential real estate, luxury goods and cryptocurrencies.
Sowerby was previously charged with 55 counts. Law enforcement officials claim that the scammer lured people into other fraudulent cryptocurrency projects: Now Mining, VIP Mining and Millennium Technologies. Previously, a complaint was filed against Sowerby for defrauding a certain doctor from Arizona, to whom he offered an exclusive opportunity to invest in the hedge fund Justice Capital. Both cases are under investigation.
The Justice Department noted that wire fraud carries a maximum penalty of up to 20 years in prison and a fine of up to $250,000. The maximum penalty for money laundering is up to 10 years in prison and a fine of up to $250,000.
The indictment states that Jeremy Sowerby organized a Dunamis Global Technologies cryptocurrency scheme, defrauding more than 150 people out of millions of dollars. The man advertised Dunamis as a company selling cryptocurrency mining equipment. Sowerby told investors that they were purchasing miners with unique serial numbers linked to their cryptocurrency wallet.
The funds received from the victims were sent to a Dunamis address controlled by Sowerby, prosecutors said. The affected investors were never able to access their invested money and withdraw the promised profits. It turned out that the creator of the scheme embezzled this money and used it to buy a Tesla car, residential real estate, luxury goods and cryptocurrencies.
Sowerby was previously charged with 55 counts. Law enforcement officials claim that the scammer lured people into other fraudulent cryptocurrency projects: Now Mining, VIP Mining and Millennium Technologies. Previously, a complaint was filed against Sowerby for defrauding a certain doctor from Arizona, to whom he offered an exclusive opportunity to invest in the hedge fund Justice Capital. Both cases are under investigation.
The Justice Department noted that wire fraud carries a maximum penalty of up to 20 years in prison and a fine of up to $250,000. The maximum penalty for money laundering is up to 10 years in prison and a fine of up to $250,000.
