FBI charges Manhattan man with running $43m crypto Ponzi scheme

As a researcher and someone who has followed the crypto market closely for years, I find it deeply concerning to learn about yet another large-scale Ponzi scheme involving cryptocurrencies. The alleged actions of Idin Dalpour, as outlined in the FBI’s press release and the U.S. attorney’s statement, are truly disheartening.

As a researcher uncovering this information, I’ve discovered that the FBI has recently unearthed a complex Ponzi scheme spanning over several years, which defrauded unsuspecting investors out of a substantial sum totaling $43 million. This intricate web of deceit is reportedly connected to crypto trading activities. An individual is now under investigation and faces charges for wire fraud in relation to this case.

As a crypto investor living in Manhattan, I find myself under investigation by the FBI for an alleged multi-million-dollar crypto scam. Reportedly, I’m suspected of deceiving unsuspecting investors and defrauding them out of over $43 million.

The Department of Justice announced on May 1st that Dalpour allegedly lured investors with enticing promises of substantial returns, specifically through investments in a business based in Las Vegas involving hospitality and one focusing on cryptocurrency trading.

As a crypto investor, I’ve learned that trust is essential in this industry. Sadly, my experience with Dalpour turned out to be far from trustworthy. According to the FBI, those promises he made were apparently false. Dalpour ran what they call a Ponzi scheme – a classic pyramid scam where earlier investors are paid with funds from newer ones. While doing so, he reportedly used our hard-earned investments to pay off previous investors. The remaining funds? Well, he allegedly spent them on himself. I’m talking about gambling losses totaling around $1.7 million and private school tuition for his children. It’s disheartening to think that my investment was just a drop in the bucket for his personal expenses.

According to the claims, Dalpour’s promises proved to be an illusion, and he was operating a typical Ponzi scheme where he paid supposed returns to investors using the funds of other investors.

U.S. attorney Damian Williams

The allegations suggest that Dalpour initiated a Ponzi scheme as early as 2020, attracting investors both domestically and abroad. According to the indictment, he forged contracts and phony bank records to lure investors with promised annual returns reaching 42%.

As a researcher, I’ve come across allegations that Dalpour misused investors’ funds instead of putting them into the agreed-upon ventures. Additionally, there are reports suggesting that he deceived investors by asserting their funds were safeguarded and secure, when in fact they may not have been insured at all. Should these accusations lead to a conviction, Dalpour could potentially face imprisonment for up to 20 years due to charges of wire fraud.

Around mid-March, the Securities and Exchange Commission (SEC) in the United States accused 17 people of involvement in a $300 million Ponzi scheme. The majority of the affected investors were Latinos residing in the U.S. and two other countries. Over 40,000 individuals reportedly fell victim to this scam, which was spread across ten American states and two foreign nations. The perpetrators promised substantial returns from supposedly “risk-free” and “guaranteed” investments in cryptocurrencies and foreign exchange markets.

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2024-05-02 13:34