Martin Mizrahi Convicted for Multimillion-Dollar Fraud- Court
Release: 2024/03/07 23:19 Reading: 580
The flourishing popularity of cryptocurrencies has revolutionized the mainstream finance system. However, the decentralization features of digital assets have created several opportunities for scammers and fraudsters.
Martin Mizrahi, the chief executive officer of LV.Net, has been convicted on charges related to $8 Million in bank fraud. He is also accused over the charges of laundering money for fraud and illegal drugs.
As per the press release available on the United States Attorney’s Office, “Marty Mizrahi,” was convicted of wire fraud, bank fraud, money laundering, aggravated identity theft, and other offenses for his participation in multiple schemes to defraud banks and credit card companies of almost $8 million and to launder more than $4 million in fraud and illegal narcotics proceeds.”
A U.S. attorney, Damian Williams, said on March 05, 2024, “Martin Mizrahi brazenly used his company as a front to launder millions of dollars in drug and fraud proceeds and deceive credit card companies into processing additional millions of dollars in sham charges.”
He added, “The jury’s unanimous verdict sends a resounding message that individuals who steal and introduce illicit funds into the U.S. financial system will be held accountable.”
The press release states, “Mizrahi was convicted of conspiracy to commit wire and bank fraud (maximum sentence 30 years), wire fraud has a maximum sentence of 20 years, money laundering 20 years.”
According to the court filings, Mizrahi was one of the lead participants in a credit card fraud scheme (between April and June 2021); the scam was worth $8 million, and his company backed it.
Scammers and Fraudsters Defaming Crypto Image!
In the past few years, the count of scams and fraud in the cryptocurrency sector has surged significantly. The industry loses over $1 billion in fraud and cryptocurrency scams annually.
As crypto adoption grows over the years, the growth is mimicked by the bad actors, who have discovered many new tactics to make users victims. Rug Pull, Romance scams, Airdrop scams, Free NFTs scams, Free crypto tokens scams, and others.
Market Price Update
The market capitalization of the crypto sector has surged over 50% in the past few months. When writing the market cap, it was $2.52 trillion. A significant boost in the growth ratio of the market cap has been seen since the beginning of 2024.
The most prominent cryptocurrency, in terms of price and market capitalization, has grown more than 55% in the past 30 days. As of writing, it was trading at $66,803, with a decline of 46% in trading volume.
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