Crypto Scammers Sentenced To Three Years In Prison For Stealing $1.9 Million From Customers
The law comes after crypto fraudsters once again, with two scammers being sentenced to three years in prison for stealing $1.9 million from their buyers. "Investment management service" Dropil was found to have cheated its 2,000 customers by promising them access to a trading bot, despite not having one that functioned as advertised.
Buyers who lost out had invested in Dropil's DROP token, having been promised a financial return of up to 63 percent. When put under pressure from regulators, project leads falsified reports and lied under oath.
They have now pleaded guilty to securities fraud, and will serve combined five-and-a-half years in prison. Related: Final Fantasy NFTs Cement Square Enix As The Worst Publisher In Gaming Jeremy David McAlpine was hit with the longest sentence, and will serve 36 months in federal prison (thanks, Web3 is going great).
Zachary Michael Matar was hit with a 30-month sentence for his part in the project. McAlpine and Matar plead guilty to securities fraud back in 2021, admitting they lied to investors over what they would get in return for buying their DROP token.
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