Joseph Sfraga, a New York City-based scammer, pleaded guilty to defrauding friends, neighbors and investors of more than $1.3 million. He convinced his victims, many of whom were from Brooklyn, Staten Island, and Long Island, to loan him money or invest in fraudulent schemes by promising high returns. Specifically, Sfraga offered to invest in a fictitious cryptocurrency "virtual wallet," guaranteeing returns of up to 60% within three months.
U. S. Attorney Breon Mir said that Sfraga had been blatantly defrauding people for years, swindling them out of their hard-earned savings. In one instance, he convinced a victim to lend him $100,000 under the pretext of a non-existent construction project. Instead, Sfraga used the funds to pay his expenses and make #payments to previous victims and business associates.
Sfraga pleaded guilty before Chief U. S. Magistrate Judge Lois Bloom. He faces up to 20 years in prison and the payment of more than $1.33 million in restitution to his victims.
Amid this guilty plea, the #cryptocurrency market is showing positive dynamics. #MemeWatch2024 , the leading cryptocurrency, crossed the $67,000 mark, which has not been seen since April. #MemeWatch2024 has also performed impressively, rising in value by more than 5% in the last 24 hours. The total cryptocurrency market capitalization rose by 3% to reach $2.37 trillion, indicating that bullish sentiment in the field has been restored.
This case serves as a reminder of the importance of caution when investing and working with cryptocurrencies. Despite the appeal of high returns, investors should scrutinize offerings carefully and trust only reliable and trusted sources. Unfortunately, scammers like Sfraga take advantage of people's gullibility and promises of easy money to trick them into taking over their assets.
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