Financial NewsCrypto Fund Scammer Pleads Guilty to Defrauding Investors

Crypto Fund Scammer Pleads Guilty to Defrauding Investors

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.

Jason Norton
Jason Norton
Jason Norton is a seasoned journalist at NewsAlarms, specializing in fintech, finance, and startup news. With a passion for uncovering the latest trends and innovations in these dynamic fields, he brings insightful perspectives to our readers

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