The US Securities and Exchange Commission (SEC) has shut down a $62 million global cryptocurrency trading and mining operation, and the DOJ has indicted the scheme’s CEO and founder. According to the Department of Justice, if convicted on all counts, he faces a maximum sentence of 45 years in prison.
The SEC has shut down a $62 million global cryptocurrency fraud scheme.
The United States Securities and Exchange Commission (SEC) disclosed on Friday that it closed down a fraudulent crypto mining and trading platform.
MCC International (aka Mining Capital Coin), its creators (Luiz Carlos Capucci Jr. and Emerson Souza Pires), and two organizations managed by them were charged by the Securities and Exchange Commission. According to the agency, the allegations involve “unregistered offerings and illegal sales of investment schemes known as mining packages to thousands of investors.”
MCC and its founders, Capuci, and Pires have sold mining packages to 65,535 investors worldwide, promising daily profits of 1% paid weekly for up to 52 weeks, according to Securities Watchdog.
Also read: Mining Capital Coin’s CEO faces a $62 million cryptocurrency fraud charge
The complaint also claims that MCC investors were guaranteed bitcoin profits at first (B T c) The defendants, on the other hand, “forced investors to withdraw their investment in a token called Capital Coin (CPTL), which was MCC’s own token,” according to the complaint.
The DOJ has charged MCC’s founder and CEO.
On Friday, the US Department of Justice (DOJ) revealed that the creator and CEO of MCC, an alleged cryptocurrency mining and investing platform, had been indicted in a $62 million global cryptocurrency fraud conspiracy.
Capucci misled investors about his platform’s cryptocurrency mining and investment program, enticed them to invest in MCC’s “mining package.” He and his accomplices stated that the MCC had an international network of cryptocurrency miners that could provide investors with “significant earnings and assured returns.”
MCC also offered its own cryptocurrency token which it described as a decentralized autonomous entity “sustained by money from the world’s largest cryptocurrency mining operation.”
Capucci, on the other hand, ran a fraudulent investment scam, diverting investor monies into a cryptocurrency wallet under his control rather than mining new coins as promised.
Capucci was also accused of exposing and falsely marketing MCC’s purported “trading bot” as an extra investing mechanism to assist investors profit from the bitcoin market, according to the indictment.
According to the DOJ, the MCC’s founder allegedly exploited the location and location of fraudulent earnings by laundering cash through several foreign-based cryptocurrency exchanges to promote the MCC in the pyramid scheme. Turn off the controls. Capuci has been charged with conspiracy to commit wire fraud, conspiracy to commit securities fraud, and conspiracy to engage in international money laundering, according to the Justice Department. He faces a maximum prison sentence of 45 years if convicted on all counts.
