Thomas John Sfraga, also known as TJ Stone, pleaded guilty to telecommunications fraud in Brooklyn Federal Court on Thursday. According to a statement released by the US Department of Justice on Friday, Sfraga is accused of promising investors up to 60% returns within three months, but in reality it was for a false cryptocurrency digital wallet. He allegedly took the funds for himself and used some of the funds to repay victims of previous scams. He faces up to 20 years in prison and $1.33 million in compensation, the Justice Department statement added.
