A Brooklyn federal court has issued an arrest warrant for the director of USI Tech on charges of defrauding investors, money laundering and wire fraud.

Horst Jicha, prosecutors allege, advertised a highly profitable crypto investment scheme for beginners through the company USI Tech. The indictment alleges that he defrauded unsophisticated investors from the United States and Canada of more than $150 million with promises of daily income from investments in crypto assets of 1% or more.

According to investigators, the cryptocurrency pyramid collapsed after US and Canadian regulators sent USI Tech demands to cease illegal activities and the sale of unregistered securities. After which Horst Yiha, according to the prosecutor’s office, appropriated the investors’ assets and left the United States.

“Defendant Horst Jiha used a multi-level marketing scheme to defraud American investors in the digital asset market. Although the defendant has not returned to the United States for five years, our office and the FBI worked to bring the defendant to justice,” said U.S. Attorney Breon Peace.

64-year-old German citizen Horst Jiha was detained by law enforcement at the airport shortly before Christmas while trying to fly to Miami on vacation.

The day before it became known that the founder and former CEO of another cryptocurrency pyramid, IcomTech, Marco Ruiz Ochoa, was sentenced to five years in prison.