Said I'm an ICO Consultant, Defrauded $ 20 Millio
Jerry Guo, who introduced himself as an ICO consultant in the incident in the state of San Francisco in the United States, has spent over $ 20 million in his account.
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According to a press release by the United States Department of Justice (DOJ) on Tuesday, 26.01.2021, 33-year-old Jerry Guo was convicted of multi-million dollar cryptocurrency fraud.
Convicted, Jerry Ji Guo was sentenced to six months in prison by United States District Judge Beth Labson Freeman. Guo, who admitted to committing ICO fraud, agreed to pay around $ 4.4 million in compensation.
At the height of the ICO craze in 2018, Jerry Guo presented himself as an ICO consultant to his clients, offering them marketing and consulting services on cryptocurrency startups. He then embezzled the cash and cryptocurrencies he obtained from customers. According to the data of the Ministry of Justice, the amount embezzled by Guo is over $ 20 million at its current value.
Guo was indicted by the Federal Grand Jury in November 2018, but was not convicted, according to the Justice Department's statement. Guo, who was accused of telephone fraud in August 2019, is stated to have accepted this accusation. It is added that after the accusation he admitted, he was charged seven more times, but denied additional charges. If convicted of all charges, Guo could face up to 20 years in prison. It has been announced that he will spend three years of probation after completing his prison sentence on the current charge.
In 2019, the United States government took over Guo's funds and planned to repay their losses to customers who suffered losses. "This case shows that even if cryptocurrency is used in fraud, those who suffer can be compensated," said Attorney David Anderson of the United States Attorney's Office. He commented.
