US Charges Cryptocurrency Company CEO In $62Mln Fraud Scheme - Justice Dept.

The US authorities have indicted Mining Capital Coin (MCC) CEO Luiz Capuci Jr. indicted for allegedly choreographing a $62 million global investment fraud scheme using a fake cryptocurrency mining and investment platform, the Justice Department said in a press release on Friday

WASHINGTON (UrduPoint News / Sputnik - 06th May, 2022) The US authorities have indicted Mining Capital Coin (MCC) CEO Luiz Capuci Jr. indicted for allegedly choreographing a $62 million global investment fraud scheme using a fake cryptocurrency mining and investment platform, the Justice Department said in a press release on Friday.

"Capuci Jr. ... misled investors about MCC's cryptocurrency mining and investment program, under which investors could invest in MCC by purchasing "Mining Packages," the release said. "Under this program, Capuci and his co-conspirators touted MCC's purported international network of cryptocurrency mining machines as being able to generate substantial profits and guaranteed returns by using investors' money to mine new cryptocurrency.

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Capuci, 44, of Port St. Lucie, Florida, sold the MCC's cryptocurrency Capital Coin to potential investors as a decentralized autonomous organization that was stabilized by revenue from the biggest cryptocurrency mining operation in the world, the release said.

However, Capuci did not use investors' money to mine new cryptocurrency, but took the money and secreted it in his own cryptocurrency wallets and used them to purchase luxury goods, the release added.

Capuci is charged with conspiracy to commit wire fraud, conspiracy to commit securities fraud, and conspiracy to commit international money laundering, and faces up to 45 years in prison if convicted, according to the release.