In federal court in Brooklyn on Thursday, cryptocurrency personality Thomas John Sferaga, also known as “TJ Stone,” pleaded guilty to… Wire fraud charges Charged with defrauding more than a dozen victims out of more than $1.3 million.
Reveal the fake scheme
According to To the US Department of Justice, from 2019 to 2022, Sferaja “falsely” represented himself as the owner and manager of several companies, including Vandelay Contracting Corp. and Build Strong Homes LLC. He also claimed to be a “serial entrepreneur” with experience in real estate development, media relations, podcasting, and cryptocurrencies.
In this capacity, Safragha allegedly convinced the victims, many of whom resided in Brooklyn, Staten Island, and Long Island, to lend him money or invest What turned out to be fraudulent schemes.
This included promising high returns of up to 60% within three months for investments in the fictitious cryptocurrency “virtual wallet.” US Attorney Bryon Pace said:
For years, Sferaja brazenly lied to friends, neighbors and investors out of more than $1.3 million of their hard-earned savings. This office will continue to hold fraudsters accountable and bring justice to victims throughout the Eastern District of New York and the United States.
Cryptocurrency planner faces 20 years in prison
On one occasion, Safragha reportedly convinced a victim to loan him $100,000 in cash for start-up costs for a major construction project that “did not exist.” In fact, the US Department of Justice alleges that Safragha simply diverted funds to cover his expenses to pay restitution to previous victims and his business partners.
Sferaga pleaded guilty to wire fraud charges before United States Chief Justice Louis Bloom. When he is sentenced, he faces A Maximum prison term 20 years and must pay his victims more than $1.33 million in restitution.
The guilty plea was announced by U.S. Attorney Bryon Pace and James Smith, Assistant Director in Charge of the FBI's New York Field Office.
As of the latest market update, cryptocurrencies have seen a significant rise, with prices rising in the largest regions of the world. Digital assets.
Bitcoin (BTC), the leading cryptocurrency, has reclaimed the $67,000 mark for the first time since late April, rising nearly 10% over the past week. On the other hand, Ethereum (ETH) was one of the biggest winners over the past 24 hours, rising 5.5% to the current trading price of $3,111.
Moreover, the total cryptocurrency Market value It has risen 3% over the past 24 hours, currently sitting at $2.37 trillion, demonstrating a renewed sense of bullish sentiment that is reverberating throughout the overall digital asset ecosystem.
Featured image from Shutterstock, chart from TradingView.com
