Another bitcoin scammer’s run comes to an inevitable end. | Source: Shutterstock
By CCN Markets: A Michigander is facing 20 wire fraud and money laundering charges for carrying out a crypto investment scam that raked in an average of nearly $15,000 daily.
According to the prosecutors, James Matthew Thomas defrauded approximately $206,000 from his victims within a period of two weeks. The scam was carried out in his home state as well as in New Jersey, per the Missoulian. An indictment filed against him lists the charges as 16 counts of wire fraud and four counts of money laundering.
Per the charges, the investors were defrauded by Thomas in a total of 16 transactions. The funds were moved from the Coinbase crypto exchange accounts of the investors between March 20 and April 4 last year to a checking account belonging to the accused.
No money for a lawyer but plenty for Fords
Rather than invest the funds on behalf of his clients, Thomas used the funds to buy two cars, both Ford automobiles. Seven days after funds were moved from a Coinbase crypto exchange account to his checking account Thomas bought a 2010 Ford Edge, a midsize SUV. Three days later he also purchased a Lincoln MKX, a luxury midsize SUV.
The alleged crypto scammer also allocated some of the money for his living expenses.