US Citizen Sentenced to Jail For $20 Million Wire Transfer Fraud

US Citizen Sentenced to Jail For $20 Million Wire Transfer Fraud

A San Francisco man was recently sentenced to jail after pulling a set of wire transfer frauds estimated at $20 million. The man, a 33-year-old, committed the crimes during the 2018 initial coin offering (ICO) hype.

Jerry Ji Guo started out as an ICO consultant, working with crypto startups. However, soon he started to embezzle funds and cryptos from his clients. Authorities estimate the entire embezzled sum to exceed the $20 million mark.

The US government got the preliminary order to forfeit all of Jerry Ji Guo’s funds. They were in need of further warrant in order to seize the stolen cryptocurrencies and additional funds.

Jerry Ji Guo pleaded guilty to one count of bank transfer fraud committed in August of 2019. This Tuesday he was sentenced to 6 months in prison, plus a $4.39 million restitution penalty. The judges also decided on an additional 3 year supervision period after the six months in jail are over. The culpable is now cooperating with the government to identify all of his victims and reimburse them their stolen funds.

Over the recent years, the US government has become very vigilant towards crypto scams, as they seem to be a long way from extinction. According to US Attorney David Anderson, crypto fraudsters seem to think they are above the law and as such “beyond the reach of the law enforcement“.

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1 Comment

  1. I am asking all those of you who were cheated on bestwouchers and buying riples to contact me because I was cheated and I did not get a single cent from the paid 466 euros.

    How to get this money just a stake the rest should have bastards

    Where would jacoba nowaka find the provocateur and fraudster of the paragon finance company
    The interesting thing is that they snatched my money, but now no one answers, the phones don’t work.


    Prosim vse tiste ki ste bili prevarani na bestvouchers in kupovali riple da se mi javite ker sem bil prevaran in nisem dobil od vplaččanih 466 eur niti centa.

    Kakko dobiti ta denar samo vložek ostalo naj imajo barabe

    Kje bi našel jacoba nowaka provokatorja in prevaranta podjetja paragon finance
    Zanimivo je to da so mi spipali denar sedaj pa se nihče već ne javi tzelefoni jim ne delajo.

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