An Arizona man has admitted to participating in a $13 million cryptocurrency Ponzi scheme and faces up to 15 years in prison

2025-07-29 09:16:06

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ChainCatcher news, the U.S. Department of Justice announced that 54-year-old Arizona resident Vincent Anthony Mazzotta Jr. has pleaded guilty to participating in a cryptocurrency Ponzi scheme involving $13 million. According to court documents, Mazzotta and his accomplice David Saffron falsely promised victims high returns on cryptocurrency investments through fictitious platforms such as "Mind Capital" and "Cloud9 Capital" using AI trading bots.

To enhance the credibility of the scheme, the criminal group even created a fake government agency called the "Federal Cryptocurrency Reserve Committee" (FCR) to charge victims additional "investigation fees." Investigations by the IRS Criminal Investigation (IRS-CI) revealed that the defendants are also accused of obstructing justice, including destroying evidence and falsifying company records. Mazzotta has now pleaded guilty to money laundering and conspiracy to obstruct justice, facing a maximum of 15 years in prison.

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