Crypto Scam Operator Sentenced to 8 Years

Dwayne Golden, hailing from Pennsylvania, has been sentenced to 97 months in prison for operating fraudulent crypto schemes that swindled $40 million from investors, as per the U.S. Department of Justice. Between April and August 2017, Golden and his co-conspirators, Gregory Aggesen and Marquis Demacking Egerton, managed the crypto firms EmpowerCoin, ECoinPlus, and Jet-Coin. These firms falsely promised investors secure returns through alleged overseas operations. The raised funds exceeded $40 million, utilized in a Ponzi scheme to repay prior investors or enrich themselves. U.S. Attorney Joseph Nocella described their actions as manipulating the excitement surrounding new technology to commit age-old fraud. None of these firms offered genuine services or engaged in cryptocurrency trading. Following the collapse of these firms, Golden, Aggesen, and another associate, William White, sought to impede the federal investigation by destroying evidence and misleading the authorities from mid-2017 to early 2022. Golden is also mandated to forfeit approximately $2.46 million in ill-gotten gains while serving his prison term. All defendants admitted guilt, with William White receiving a 30-month sentence, while Aggesen and Egerton await sentencing as of late June. Initially charged with numerous financial crimes in March 2022, the trio played significant roles in EmpowerCoin, ECoinPlus, and Jet-Coin. Despite the persistence of crypto Ponzi schemes, The Block notes a shift towards more targeted fraud methods, like 'pig butchering' and address poisoning.