As a seasoned crypto investor with a decade of experience under my belt, I’ve seen it all – from astronomical highs to crushing lows. The recent indictment against Gabriel Hay and Gavin Mayo is yet another reminder that not everyone in this space has the best intentions.
A federal grand jury has made public a six-count accusation against Gabriel Hay, aged 23, from Beverly Hills, and Gavin Mayo, also 23, from Thousand Oaks. They are accused of deceiving investors out of over $22 million by means of fraudulent digital asset schemes referred to as “rugpulls.” Essentially, they’re charged with swindling money from investors through misleading digital asset projects.
As a researcher, I’m shedding light on the allegations against Hay and Mayo. They stand accused of initiating numerous NFT and cryptocurrency projects, only to abandon them, while deceiving investors with unfulfilled promises and retaining their funds. The duo is currently facing charges that include conspiracy to commit wire fraud, two counts of wire fraud, and one count of stalking. Today’s proceedings are scheduled in the United States District Court in Los Angeles.
Reports claim that Hay and Mayo initiated multiple NFT and cryptocurrency ventures between May 2021 and May 2024, such as Vault of Gems, Faceless, Sinful Souls, Clout Coin, Dirty Dogs, Uncovered, MoonPortal, Squiggles, and Roost Coin.
The charges claim that this pair created misleading project timelines and promotional materials, deceitfully stating that their projects possessed exclusive qualities and a sustainable future.
One significant instance mentioned is the Vault of Gems NFT initiative, which the accused claimed would be the initial NFT project linked to a tangible asset. Nevertheless, the accusation states that rather than following through with the project, Hay and Mayo allegedly deserted it after acquiring millions from investors.
The accusation also claims that Hay and Mayo hid their participation by falsely portraying the ownership of the project and utilizing others as proxies instead.
Apart from deceiving investors, it’s claimed that Hay and Mayo also threatened an individual who was trying to uncover their involvement in the fraudulent Faceless NFT scheme. According to the prosecution, these defendants are said to have launched a campaign of harassment against this whistleblower, targeting not only them but also their family, leading to significant emotional distress.
In case of conviction, both Hay and Mayo could potentially spend up to 20 years behind bars for each charge related to conspiracy and wire fraud. Additionally, they might serve an extra five years for the stalking offense.
The case was investigated by the Homeland Security Investigations (HSI) Baltimore Field Office. Assistant U.S. Attorney Maxwell K. Coll and Justice Department Trial Attorneys Tian Huang and Tamara Livshiz, both of the National Cryptocurrency Enforcement Team (NCET), are leading the prosecution.
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2024-12-23 15:02