An Ohio man previously known by the federal government for allegedly defrauding investors has been charged by the Department of Justice with defrauding another investor of $10 million.
Ratnakishore Giri, a 27-year-old from New Albany, Ohio, has a history of investment fraud, the Department of Justice said allegedlyand this plan they say is no different.
Giri allegedly promised investors that he could secure returns by investing money in cryptocurrency, when in reality, the DOJ said he could not. He “fraudulently” promoted himself as an expert in cryptocurrency, according to the DOJ.
“The truth is, as defendant Giri knows, he has a history of failing to keep his promises to investors,” the indictment, which was unsealed Friday in the Southern District of Ohio, said. “Among other things, the defendant Giri repeatedly failed to return the principal investment of investors, not taking steps to protect the principal.”
He lured investors into trusting him with money by “boasting about his personal wealth and lavish lifestyle,” the Justice Department said.
Giri allegedly drives two Lamborghinis, a Tesla, and an Audi R8, wears high-end watches worth hundreds of thousands of dollars, flies in private jets and rents luxury homes.
“Instead of using all investor funds for cryptocurrency investments as promised, defendant Giri diverted certain investor funds for other purposes such as paying his own personal expenses or repaying principal or interest on earlier investments in a manner consistent with a Ponzi scheme.” the indictment said.
Giri was charged in an indictment with five counts of wire fraud. If convicted, he faces a maximum sentence of 20 years in prison on each count.
Giri’s attorney did not respond to ABC News’ request for comment.
In August, the Commodity Futures Trading Commission charged Giri with the investors cheated $ 12 million.
The CFTC accused Giri of engaging in similar practices, claiming he was an expert in cryptocurrency, when in fact he said he was not.
Giri allegedly used the money to pay for a lavish lifestyle that included yacht charters, luxury vacations and luxury shopping.