‘Bitcoin MegaCity’ Fraud Lands Nevada Promoter 21-Months in Jail
A California court has sentenced a bitcoin exchange operator for running an unlicensed money transmitting service. | Source: Shutterstock
By CCN: A Nevadan who has been accused of wire fraud as well as operating an unlicensed money transmitting service using bitcoin has been sentenced to nearly two years in prison. Morgan Rocknoons, who also goes by the name Morgan Rockwell, had earlier pleaded guilty to both charges.
Besides spending 21 months in jail, will also have to forfeit profits amounting to $80,600 that he generated illicitly. The profits are linked to wire fraud related to land.
Per the sentencing memorandum, Morgan defrauded individuals by selling land he didn’t own. According to Forbes, Morgan only owned 4.9 acres in Nevada but by July last year, he had sold 18 acres. The land was located in Nevada’s Elko County, where Morgan promised a mega city where Bitcoin would be legal tender.
Bitcoin utopia turns to dystopia for victims
Morgan advertised the purported land development through social media and on his now-defunct website Bitcointopia.org. The parcels of land ranged in size from one to three acres. Prices ranged between 0.5 BTC and 1.5 BTC.
1 Acre – 0.5 BTChttps://t.co/01VBLO3vwP
2 Acres – 1.0 BTChttps://t.co/tAHD2DCUvF
3 Acres – 1.5 BTChttps://t.co/Z8ZW40qdMy
Email your name & TXID to [email protected] to buy your very own acreage today!