Michael Joseph McElhiney, 37, formerly of Spokane, Washington, has pleaded guilty to wire fraud, as announced by the U.S. Department of Justice (DOJ) on Wednesday. From March 4, 2021, to September 10, 2022, McElhiney engaged in a scheme to defraud investors by falsely claiming to operate a cryptocurrency investment fund named Mac Blockchain Solutions. He approached his victims through various channels, including in-person meetings, dating apps, and online gaming platforms. McElhiney enticed these individuals by promising lucrative investments in cryptocurrencies and blockchain projects, guaranteeing high returns and liquidity.3
However, instead of investing the funds as promised, McElhiney diverted the money for his personal gambling activities and fabricated reports of investment progress to deceive his investors. Over the course of the scheme, he defrauded more than $350,000, which included cash, rare art pieces, and precious metals. When investors attempted to withdraw their funds, McElhiney resorted to providing false excuses to delay or prevent the payouts, further perpetuating his fraudulent activities.
