Exposed: How a 60-Something Con Master Pulled Off a Jaw-Dropping Ponzi Scheme While on Probation—And What It Means for Investors Everywhere
Mr. A recruited family members and acquaintances to handle various aspects of the operation, including finance, IT, marketing, and investor recruitment. Police began investigating in September 2022 after receiving complaints, leading to a two-month manhunt when the suspect disappeared before his pretrial hearing.
The arrest revealed that Mr. A had been serving a two-year suspended sentence from July 2021 for a similar fraud scheme when he launched this new operation.
“Ponzi schemes are crimes that deserve stronger punishment, as they result in many victims and make it impossible to recover losses,” a police spokesperson said, noting that many victims were aged 50-70 and unfamiliar with AI or crypto technologies.
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