New York Local Arrested by FBI for a $43 Million Crypto-Linked Ponzi Scheme
Summary:
A New York local, Idin Dalpour, has been arrested by the FBI on charges of running a $43 million Ponzi scheme involving deceptive investments in the Las Vegas hospitality sector and a cryptocurrency business. Dalpour allegedly promised investors high returns and security for their investments while he falsified documents and bank statements. The funds obtained were used to pay previous investors, cover personal expenses, including significant gambling debts, and Dalpour's children's tuition. This arrest is one of several recent arrests related to crypto Ponzi schemes by U.S. officials.
In a joint operation, the Federal Bureau of Investigation (FBI) and a New York Court apprehended a local citizen suspected of operating a well-structured Ponzi scheme, which took more than $43 million from investors. On the first of May, charges of fraudulent conduct were brought against Idin Dalpour by Damian Williams, the United States Attorney for the Southern District of New York, and James Smith, the Assistant Director in Charge of the New York Field Office of the FBI. This deception involved counterfeit investment options in the Las Vegas hospitality sector and a cryptocurrency business.
Dalpour reportedly enticed naïve investors into beliving in significant profit returns. This deceit, however, was only a front to mask a grand Ponzi scheme. As per the charges detailed in the FBI's indictment, Dalpour, through an enterprise he managed, made false claims regarding its stake in the hospitality and cryptocurrency fields. He stated that he bought cryptocurrency at a wholesale rate and sold it to individual investors at a profit, as part of cryptocurrency scheme.
Promised annual returns beginning at 42% and assertions of investor security were used to allure investors. As per the allegations, in the attempt to deceive his investors into believing in the feasibility of his ventures, Dalpour falsified contracts, produced counterfeit bank statements, and forged email communications. According to the FBI, funds from investors were instead allocated towards previous commitments to earlier investors, extravagant personal expenses, including massive gambling debts, and even private school fees for Dalpour's children.
James Smith, the Assistant Director of the FBI conveyed the FBI's commitment to upholding economic fairness, adding that it should not be compromised due to an individual's actions. The collapse of Dalpour's deception occurred when a group of victims confronted him directly. Dalpour admitted his wrongdoings in November 2023, stating, "what you already have, you have, you can put me in jail now. Like right now."
This event forms part of several recent arrests related to Ponzi schemes linked with crypto, as made by U.S. officials. The U.S. Securities and Exchange Commission (SEC) dismantled a crypto trading platform called CryptoFX on March 15, uncovering a Ponzi scheme worth $300 million. This primarily targeted cryptocurrency investors in the Latino community within the U.S and abroad. Two individuals, found guilty of promoting the now-defunct crypto mining and trading plot, IcomTech, were convicted by a New York jury on March 18. On April 4, a four-year prison sentence was handed to Irina Dilkinska, the former head of legal and compliance for the multibillion-dollar OneCoin fraud scheme, on her admission of guilt in laundering millions of dollars.
Published At
5/2/2024 11:03:36 AM
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