The man behind a multi-million dollar cryptocurrency scam has pleaded guilty to fraud this week according to the United States Department of Justice.
Ohio man Michael Ackerman could face up to 20 years inside following his guilty plea for defrauding investors in a crypto scam he orchestrated in 2017. The too good to be true scheme lured hundreds of investors who deposited USD into a crypto fund called the Q3 Trading Club, which promised 15% monthly returns.
U.S. attorney for the Southern District of New York Audrey Strauss announced the guilty plea on Wednesday, stating that Ackerman admitted to causing losses of more than $30 million from victims.
“As he admitted today, Michael Ackerman raised millions of dollars in investments for his fake cryptocurrency scheme by falsely touting monthly returns of over 15 percent.”
Strauss added that he falsified documents to convince investors that his fund had a balance of more than $315 million. In reality, the…