The US ICO Scammer Maksim Zaslavskiy Sentenced To 18 Months In Jail
The US ICO Scammer Maksim Zaslavskiy Sentenced To 18 Months In Jail
November 19, 2019
The US ICO Scammer Maksim Zaslavskiy Sentenced To 18 Months In Jail
The US ICO Scammer Maksim Zaslavskiy Sentenced To 18 Months In Jail
November 19, 2019

Maksim Zaslavskiy, a computer programmer from Brooklyn and the first person in the United States to be convicted of running a fraudulent initial coin offering (ICO) has been sentenced to 18 months in jail.

On November 18, it has been reported by Law360 that the Brooklyn businessman received a prison sentence of 18 months for running two scams ICO’s, both of which were advertised as being backed by collateral — diamonds and real estate, that did not exist. Zaslavskiy pleaded guilty in November 2018 to conspiracy to commit securities fraud.

However, Zaslavskiy made it seem as if the ICO was led by experienced real estate professionals that supported by United States property investments, luring in more than 1,000 investors who invested at least $300,000 in the scam ICO during the summer of 2017.

ALSO READ :  Synthetix Unveils New Decentralized Asset Management Platform dHedge

Richard P. Donoghue, the U.S. Attorney for the Eastern District of New York, said in a statement:

“Zaslavskiy committed an old-fashioned fraud camouflaged as cutting-edge technology. […] This office will continue to investigate and prosecute those who defraud investors, whether involving traditional securities or virtual currency.”

Richard P. Donoghue

So, according to Crain’s New York Business, Zaslavskiy’s attorney, Mildred Whalen of the Federal Defenders of New York, had argued to federal Judge Raymond Dearie that Zaslavskiy attempt to refund the duped investors.

The US ICO Scammer Maksim Zaslavskiy Sentenced To 18 Months In Jail

However, PayPal reportedly froze his accounts over concerns that ICO payments were made with stolen or fraudulent credit cards.

Thus, when Zaslavskiy told the federal Judge that “at no point, I am a thief,” Dearie replied:

“You are a thief. You took something that didn’t belong to you under false pretenses.”

Raymond Dearie

He added:

“This is a very unusual case for a lot of reasons. It involves new technologies and new currencies. But there is nothing new about lying or flagrant fraud.”

Raymond Dearie

Source: |


Crypto News Point a news platform of Digital Notice Media Labs is primarily a regular publication of information, commentary and articles focused extensively on fintech, blockchain technology, cryptocurrency, blockchain-based tokens, cryptocurrency market trends, and trading strategies. We do not provide individually tailored investment advice and does not take a subscriber’s or anyone’s circumstances into consideration when discussing investments, nor is Crypto News Point registered as an investment adviser or broker-dealer in any jurisdiction. Information contained herein is not an offer or solicitation to buy, hold, or sell any digital assets.

Affiliate Disclosure: To help support the work we do here at CNP, we often link to products and deals from around the web. Should you buy some of these, we may get a portion of the sale.

We in generally gather content from the major websites. In every article there is always a clear link and attribution to the source publication. If you have any issue with any of our published content taken from your site, kindly let us know so that we can take appropriate action. In any case, the content of the pages of this website is for your general information and use only. It is subject to change without notice.

You May Also like

Ishita Bora

Ishita Bora is a Senior Content Creator at Digital Notice Media Labs with an experience of 1 year. She has completed her Master's Degree in Language and Linguistics in 2019 from Gauhati University, India. Her interest lies in blockchain technology and cryptocurrency space, as she loves writing about blockchain and other blockchain-related articles. Currently, she is working on blockchain-based news, reviews, featured articles, and guides.