The FBI has exposed a long-running Ponzi scheme, defrauding investors of $43 million through crypto trading. An individual, Idin Dalpour, residing in Manhattan, faces wire fraud charges for orchestrating this scheme.
According to the Department of Justice press release on May 1, Dalpour allegedly lured investors with promises of substantial returns by investing in a Las Vegas hospitality venture and a crypto trading enterprise, duping them out of more than $43 million.
Reportedly, these commitments were deceptive, with Dalpour allegedly running a traditional Ponzi scheme, as per the FBI. The agency asserts that Dalpour utilized funds from new investors to pay off earlier ones, diverting the remainder for personal use. This included covering gambling losses of about $1.7 million and paying for private school tuition for his children.
“As alleged, Dalpour’s promises were a mirage, and he was running a classic Ponzi scheme by paying investors purported returns with other investors’ money.” – U.S. attorney Damian Williams
The accusations suggest that Dalpour had been running the Ponzi scheme since 2020, targeting victims both domestically and internationally. The indictment alleges that he falsified contracts and bank records to attract investors, offering annual returns of up to 42%.
Instead of investing in the promised ventures, Dalpour supposedly diverted investors’ funds for personal use. He also allegedly misled investors by falsely claiming that their funds were insured and secure. If found guilty, Dalpour could face up to 20 years in prison for wire fraud.
In mid-March, the U.S. Securities and Exchange Commission (SEC) filed charges against 17 individuals involved in a $300 million Ponzi scheme. This scheme primarily targeted Latino investors in the U.S. and two other countries, allegedly defrauding over 40,000 investors across 10 states and two foreign nations. Investors were promised significant wealth through “risk-free” and “guaranteed” crypto and foreign exchange investments.
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