As a seasoned analyst with over two decades of experience in financial fraud investigations, I find myself shaking my head at yet another instance of blatant disregard for investors and the law. Horst Jicha, a man who has seemingly mastered the art of deception, is now on the run after skipping his $150 million cryptocurrency fraud hearing in New York.
Horst Jicha, a gentleman from Germany, has become an evader of justice following his absence at a court hearing concerning a $150 million cryptocurrency fraud case in New York.
64-year-old Jicha, who had been under house arrest and released on a $5 million bond, is now suspected by authorities of tampering with his ankle monitoring device and going missing earlier this month, as reported by CNBC.
The court had set his hearing date for March 31st, during which he would confront various accusations linked to managing a cryptocurrency scam involving USI Tech, an intricate network marketing system that allegedly swindled investors.
In the matter of Jicha, it centers on USI Tech, a supposed cryptocurrency investment platform boasting assured high yields. As alleged by the prosecution, however, USI Tech was nothing more than a pyramid scheme in disguise, masquerading as a legitimate crypto investment opportunity.
Jicha: 140% returns in 140 daysÂ
It was claimed that investors could potentially gain a 140% return in just 140 days by participating in bitcoin mining, trading, and recruiting others to invest, as reported by CNBC. However, it turned out that the platform failed, causing investors substantial losses, while it’s alleged that Jicha amassed millions for himself instead.
In the beginning of 2018, USI Tech halted its activities within the United States following an investigation by regulatory bodies. It is said that this scheme prevented investors from retrieving their investments, as a significant portion of the misappropriated funds were stored in ether and bitcoin wallets managed by Jicha.
Following his departure, it’s been reported by CNBC that the $5 million bond, which was secured by Jicha’s partner, kids, and business contacts in Germany, has been lost or seized.
Currently, the authorities are putting effort into finding Jicha, yet his current location remains a mystery. Prior to his arrest in Florida last year, Jicha had resided in several countries, including Brazil and Spain. After being released on bond in January 2024 with stringent conditions restricting his movements, he now faces an uncertain future as the search for him continues by law enforcement.
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2024-10-11 20:36