November 18, 2022 at 10:32 PM
Rathnakishore Giri, an investment manager based in New Albany, Ohio, has been arrested and charged with five counts of wire fraud as part of a $10 million cryptocurrency Ponzi scheme. the Justice Department said Friday.
Giri allegedly misrepresented himself to investors as an expert Bitcoin trader. He also fraudulently promised to return profits to investors without the risk of the principal investment, but used the new investment funds to repay previous investors, the agency said.
According to the DOJ, Giri faces up to 20 years in prison on each count if convicted.
This article was produced by Bloomberg Law Automation.