Six AirBit executives had previously pleaded guilty for their roles in the Ponzi scheme.
Pablo Rodriguez – the co-founder of the cryptocurrency pyramid scheme AirBit Club – was sentenced to 12 years in prison months after pleading guilty to wire fraud conspiracy charges in a US District Court in March.
Judge George B. Daniels at the District Court has ordered an extra three years of supervised release for Rodriguez, which will be in effect after his 12-year prison term.The duo lured their victims into investing in AirBit Club by promising guaranteed profits in exchange for cash investments in club “memberships.” AirBit Club was marketed as a cryptocurrency multilevel marketing club, with promises of returns from cryptocurrency mining and trading, along with daily passive returns for members.
Victims were given access to an online portal showing supposed profits accumulating, but these claims were fraudulent in nature as it was later found that no actual cryptocurrency activities on behalf of victims occurred. Instead, the perpetrators “enriched themselves,” spending user funds on luxury items while recruiting more victims through lavish expos.
They also laundered the money through various bank accounts, including an attorney trust account managed by Hughes, which was supposed to hold client funds but was used to conceal the scheme’s illegal proceeds. Hughes directed victim funds to the personal expenses of the culprits and financed events to promote the AirBit Club Scheme.
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