Ohio resident Michael Ackerman pleaded guilty to cryptocurrency fraud. He lured over $ 30 million from gullible investors.
Since 2017, Michael Ackerman has been luring people into his Q3 Trading Club scam, according to the US Department of Justice. He stated that his fund uses special algorithms when trading cryptocurrencies, which are “guaranteed” to give out about 15% of the return on a monthly basis.
To convince investors of the growth of the fund’s assets, he forged various documents, reports and other papers. In his statements, Ackerman said that the capitalization of his fund exceeds $ 315 million, while in reality the figure was less than $ 5 million.
Ackerman used investor money to buy jewelry, cars, luxury goods and services, including travel. He agreed to return more than $ 36 million to investors – for this he will sell his assets, bought with investors’ money.
The US Securities and Exchange Commission (SEC) accused Ackerman and two of his accomplices of fraud back in early 2020. Ackerman’s verdict will be announced on January 5, 2022. The maximum penalty for electronic fraud in the United States can be up to 20 years in prison.
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