Add on GoogleAdd Decrypt as your most well-liked supply to see extra of our tales on Google.
Briefly
- A Connecticut man is going through as much as 375 years in jail for allegedly playing away crypto prospects' funds on Stake.
- Prosecutors say he misled shoppers by posing as a crypto investor working for a markets guru often known as "The Chef."
- The person pleaded not responsible this week to 21 wire fraud, cash laundering, and false statements fees.
A 24-year-old Connecticut man has been accused by federal prosecutors of taking virtually 1,000,000 {dollars} from would-be crypto traders and playing away the funds on-line.
The person, Elmin Redzepagic, allegedly marketed himself as a savvy crypto investor who earned excessive charges of return. However upon accumulating funds from shoppers, prosecutors declare, he would deposit them in Stake, the controversial offshore crypto on line casino.
Redzepagic misplaced traders over $950,000 with such exercise, the Division of Justice stated.
Final month, a federal grand jury in New Haven indicted Redzepagic on seven wire fraud fees, 11 counts of worldwide cash laundering, and three counts of creating false statements to IRS legal investigators. He faces a complete of 375 years in jail if discovered responsible on all fees.
On Thursday, Redzepagic pleaded not responsible to all fees earlier than a federal decide in Hartford. He was launched on a $500,000 bond.
In accordance with the DOJ and IRS, the defendant created an elaborate scheme to persuade traders he ran a official digital asset funding enterprise.
He claimed to work for a crypto guru recognized solely as “The Chef,” who led the operation and determined how and when traders would obtain their income.
The Chef all the time earned Redzepagic’s prospects substantial income, so far as the shoppers had been conscious—however would usually demand further funds for community gasoline charges to launch the funds.
Generally, Redzepagic would pay his victims giant “lulling” funds to maintain the scheme going, prosecutors alleged.
In 2023, the defendant was interviewed concerning the alleged conduct by the IRS and made a number of false statements, the indictment claimed. He then allegedly continued his unlawful scheme till March of 2025.
