Crypto News – The CEO of a Las Vegas internet service company, Martin Mizrahi, could spend up to 127 years in prison. His case highlights the severe reality of participating in cryptocurrency crimes, as he was found guilty on charges of wire fraud, money laundering, and identity theft.
Martin Mizrahi Fraud Case Could Result in 127 Years in Prison
Mizrahi, 53, was found guilty in Manhattan federal court following a 12-day trial. Prosecutors disclosed that his enterprise laundered almost $4 million using Bitcoin. This amount included money from a Mexican cartel and $3 million from a charitable organization in New York. In addition, he carried out a credit card scam, causing his business to be charged with around $8 million in illegal charges.
In order to deceive banks and credit card firms, Mizrahi’s scam, which ran from February to June 2021, included sophisticated techniques like email phishing. He asserted ignorance of the money’s illegal source as a defense. The jurors, however, thought the evidence against him was strong.
According to Damian Williams, This Decision is a Deterrent
Reiterating the verdict’s deterrent effect, US Attorney Damian Williams brought attention to Mizrahi’s company’s misuse of the millions of dollars it laundered.
The jury’s unanimous verdict sends a resounding message that individuals who steal and introduce illicit funds into the US financial system will be held accountable,
Williams
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