US Court Hands 3-Year Jail Sentence to Man Accused of Conspiring to Defraud Crypto Holders

1 year ago
US Court Hands 3-Year Jail Sentence to Man Accused of Conspiring to Defraud Crypto Holders

A U.S. tribunal has sentenced a antheral accused of conspiring to defraud cryptocurrency owners to 3 years successful prison. The tribunal besides ordered the antheral to wage $2,816,433 successful restitution to 11 victims of his Subscriber Identity Module (SIM) swap fraud scheme.

SIM Swap Fraud Scheme

A United States territory tribunal has sentenced to 36 months successful situation a antheral accused of being portion of a conspiracy to defraud cryptocurrency owners. According to a property connection issued by the U.S. Attorney’s office, the man, Anthony Francis Faulk, was besides ordered to wage $2,816,433 successful restitution to 11 victims of the SIM swap fraud scheme.

As per the Aug. 18 press statement, a U.S. national expansive assemblage had determined connected Dec. 10, 2019, that Faulk’s conspiracy to perpetrate ligament fraud violated 18 U.S.C. § 1349. The expansive assemblage besides determined that Faulk’s interstate communications with intent to extort were successful usurpation of f 18 U.S.C. § 875(d). However, the extortion number was dismissed by U.S. District Judge William H. Orrick.

Assets Worth Approximately $20 Million Forfeited

In his written plea agreement, Faulk admitted to hatching a program to fleece and extort cryptocurrency owners. The plan, which was executed betwixt October 2016 and May 2018, progressive tricking mobile telephone operators into giving Faulk and his accomplices Matthew Ditman and Ahmad Hared power of victims’ cellphone numbers. Once they gained power of the numbers, Faulk would usage this to hack and bargain their victims’ integer assets.

After successfully draining the funds, Faulk and his colleagues allegedly proceeded to extort much wealth from victims by threatening to further compromise their accounts.

Meanwhile, successful summation to the three-year condemnation and the restitution, the tribunal besides ordered the seizure of assets “constituting oregon derived from proceeds obtained by Faulk’s crime.” Some of the assets forfeited see a location successful Latrobe, Pennsylvania with an estimated worth of astir $1 million. Three JPMorgan Chase accounts holding much than $18.7 cardinal and 3 centrifugal vehicles were besides forfeited.

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