Man Sentenced To 33 Months’ Imprisonment For Defrauding Investors In Digital Currency

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Man Sentenced To 33 Months’ Imprisonment For Defrauding Investors In Digital Currency

  • The judgment declared by Richard P.Donoghue, United States Attorney for the Eastern District in New York and inspector in charge of Philip R. Bartlett (USPIS).
  • Patrick used his virtual currency knowledge to scam investors, and also he thought he could outsmart law enforcement.
  • McDonnell raised approximately 4.42Bitcoin, 1342635 Verge currency, 620 Ethereum classic, and 206 Litecoin, with a total loss of $224,350.32.

Today Patrick McDonnell was sentenced in the federal court of Brooklyn by the district judge, Nicholas G. Garaufis (United States), to 33 months imprisonment for wire fraud related schemes to defraud investors in virtual currency.

McDonnell beseeched guilty in mid2019. Also, Mcdonnell ordered to pay restitution of $ 225352. The judgment declared by Richard P.Donoghue, United States Attorney for the Eastern District in New York and inspector in charge of Philip R. Bartlett (USPIS).

“Patrick McDonnell is sentenced to prison for misleading investors, with fake promises and misleading statements and false balance statements with the purpose that he can steal their money,” Donoghue stated.

Patrick uses to make false promises for misleading the investor’s fund and also provides them a false balance statement, so he can quickly steal their money.

Patrick used his virtual currency knowledge to scam investors, and also he thought he could outsmart law enforcement.

Probably between late 2014 to the starting of Jan 2018, Patrick portrayed himself as an experienced trader in virtual currency on social media and also promising investors that he would provide trading advice and even buy and trade digital currency on their behalf.

In the beginning, probably in May 2016, Patrick used to make this false representation for his island-based company Coin Drop Market also known as CabbageTech Corp.

McDonnell uses to make fake balance sheets and show to the investors promising that their trade always going to be in profit, and with the help of that, he stole investors’ money for his personal use.

In total, he raised approximately $194,000 U.S.D and defrauded probably ten victims.

McDonnell raised approximately 4.42 Bitcoin, 1342635 Verge currency, 620 Ethereum classic, and 206 Litecoin, with a total loss of $224,350.32. McDonnell also solicited investors using false alias name “Jason flack,” an individual that didi not even actually exist.

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