Australian, American charged with running crypto Ponzi scheme

The United States Justice Department declared on Tuesday that David Gilbert Saffron, an Australian aged 51, and Vincent Anthony Mazzotta Jr, from Los Angeles, America, aged 52, had been charged for concocting a cryptocurrency Ponzi scheme. Allegedly, the two had duped victims out of more than $25 million.

Promises of large yields with the help of automated ‘trading bots’ persuaded people to invest in projects like Circle Society, Bitcoin Wealthc Management, Omicron Trust, Mind Capital, and Cloud9Capital; but rather than depositing the funds, they were squandered by David and Vincent on luxuries such as chartered private jets, extravagant dinners and personal protection specialists.

Apart from encoding alias names of “David Gilbert” and “Dave Gabe”, they also created emblems like the “Blue Wizard” and the “Bitcoin Yoda” to garner attention.

The two find themselves confronting lawsuits that encompass conservative to impede justice, wire extortion, money laundering, and conspiracy for swindleing andmight reside remarkable amounts of time behind bars if condemned.

Robert Wilson author
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