FBI class busts $43 million Ponzi scheme in Las Vegas

The Federal Bureau of Investigation (FBI) and a New York court arrested a local man for allegedly orchestrating a Ponzi scheme to defraud investors of $43 million.

Damian Williams, United States Attorney for the Southern District of New York, and James Smith, Assistant Director in Charge of the FBI's New York Field Office, charged Idin Dalpour with fraudulent activities, including investment opportunities fraud in a Las Vegas hotel joint venture and a cryptocurrency business.

Dalpour allegedly lured unsuspecting investors with promises of substantial profits, while in reality a large-scale Ponzi scheme was hidden under a facade.

According to the FBI indictment, Dalpour solicited investments through an entity under his control, falsely representing that entity's interests in the hospitality and cryptocurrency sectors.

In the cryptocurrency trading scheme, he claimed to have purchased cryptocurrency at wholesale prices and sold it for a profit to retail investors. Investors are promised annual returns from 42%, along with a guarantee of investment safety through escrow and insurance agreements.

Dalpour allegedly falsified contracts, falsified bank statements and sent fake emails to trick investors into believing in the venture's viability.

The FBI says investor funds were instead siphoned off to repay investors' previous profits, fund personal expenses - including exorbitant gambling losses - and cover private school tuition for Dalpour's children.

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