Ohio man sentenced to nine years in prison for operating $10 million crypto Ponzi scheme
According to ChainCatcher, citing The Block, the US Department of Justice has sentenced Rathnakishore Giri, a resident of Ohio, to nine years in prison for running a multi-year investment fraud scheme that defrauded investors of at least $10 million. In 2024, Giri pleaded guilty to a count of wire fraud. In a revised plea agreement submitted prior to the sentencing hearing, Giri admitted that he continued to solicit funds from investors even after pleading guilty. The Department of Justice stated that Giri made false promises of high returns and guaranteed the safety of principals, when in fact he used the funds from new investors to pay off earlier investors—a classic Ponzi scheme. The Commodity Futures Trading Commission previously accused Giri of operating Bitcoin derivatives schemes through multiple entities since 2019, and launched enforcement action in August 2022, with the Department of Justice filing five counts of wire fraud against him in November 2022.
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