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- Following his guilty plea, Michael Ackerman faces up to 20 years in prison if convicted of fraud
- As he confessed today, Michael Ackerman misled investors into investing millions of dollars in his phony cryptocurrency scam by fraudulently claiming monthly returns of over 15%
- On January 5, 2022, Ackerman will be sentenced. In February 2020, the Securities and Exchange Commission accused him of breaching securities laws
Following his guilty plea, Michael Ackerman faces up to 20 years in prison if convicted of fraud. According to the US Department of Justice, the guy behind a multi-million dollar cryptocurrency scam pled guilty to fraud this week. Following his guilty plea for scamming investors in a crypto scheme he hatched in 2017, Ohio man Michael Ackerman may face up to 20 years in prison. Hundreds of investors were drawn in by the too good to be true scheme, which guaranteed 15% monthly profits on a crypto fund dubbed the Q3 Trading Club. On Wednesday, U.S. Attorney Audrey Strauss for the Southern District of New York announced Ackerman’s guilty plea, claiming that he admitted to defrauding victims of more than $30 million.
As he confessed today, Michael Ackerman misled investors into investing millions of dollars in his phony cryptocurrency scam by fraudulently claiming monthly returns of over 15%. Strauss also admitted to falsifying paperwork in order to persuade investors that his fund had a $315 million balance. According to the Department of Justice, the fund’s balance was never more than $5 million. Ackerman used $9 million in investor funds to fund a luxurious lifestyle that included real estate, jewelry, automobiles, travel, and personal security services, according to the complaint.
The 52-year-old pled guilty to wire fraud charges and agreed to pay at least $30 million in restitution while forfeiting $36 million in cash, real estate, and jewelry that he had obtained unlawfully.
On January 5, 2022, Ackerman will be sentenced. In February 2020, the Securities and Exchange Commission accused him of breaching securities laws. He was said to have targeted doctors at the time, notably through a secret Facebook group called Physicians Dads.
Ackerman, a former New York Stock Exchange institutional broker, worked with James Seijas, a former Wells Fargo financial advisor, and surgeon Quan Tran as part of a trio. In April 2020, victims of the fraud sued Wells Fargo for neglecting to investigate an employee’s actions.
Steve Anderson is an Australian crypto enthusiast. He is a specialist in management and trading for over 5 years. Steve has worked as a crypto trader, he loves learning about decentralisation, understanding the true potential of the blockchain.
