Tuesday, June 6, 2023
No Result
View All Result
Crypeto News
Smarter_way_USA
  • Home
  • Bitcoin
  • Crypto Updates
    • General
    • Blockchain
    • Ethereum
    • Altcoin
    • Mining
    • Crypto Exchanges
  • NFT
  • DeFi
  • Web3
  • Metaverse
  • Analysis
  • Regulations
  • Scam Alert
  • Videos
CRYPTO MARKETCAP
  • Home
  • Bitcoin
  • Crypto Updates
    • General
    • Blockchain
    • Ethereum
    • Altcoin
    • Mining
    • Crypto Exchanges
  • NFT
  • DeFi
  • Web3
  • Metaverse
  • Analysis
  • Regulations
  • Scam Alert
  • Videos
CRYPTO MARKETCAP
Crypeto News
No Result
View All Result

US film producer pleads guilty to crypto scam

by crypetonews
July 25, 2022
in Scam Alert
Reading Time: 2 mins read
0 0
A A
0
Home Scam Alert
Share on FacebookShare on Twitter


Atlanta film producer Ryan Felton has pleaded guilty to charges indicating he ran a cryptocurrency scam that saw him steal over $2.5 million from crypto investors.

The film producer, indicted in the US over his activities around the crypto projects Flik and CoinSpark, is facing a jury trial and reportedly pleaded guilty four days into the proceedings.

Felton faces multiple charges, including wire fraud, securities fraud, and money laundering, the US Department of Justice revealed in a press release.

Scam via 2017 ICO

US Attorney Ryan K. Buchanan said in the release that Felton’s fraudulent scheme started in 2017 during the initial coin offering boom. 

According to the charges, the producer used the massive interest in cryptocurrencies at the time to promote an ICO for FLiK, alleging to unsuspecting victims that the project was set to rival and even surpass streaming giant Netflix.

The public sale for the coin received huge interest when Felton falsely linked FLiK to a prominent US rapper and actor, misrepresenting the individual as a co-owner.

He also lied about FLiK having a distribution agreement with the US military and content licensing with a leading Hollywood studio. He then scammed investors of roughly $2.4 million from FLiK, before going on to divert further funds from CoinSpark, a cryptocurrency exchange that had raised more than$200,000 from investors, to his personal account.

Lavish lifestyle

Per the prosecution, Felton used the money to fund his “extravagant lifestyle,” buying a $1.5 million residence paid for in an all-cash transaction. He also bought a 2007 Ferrari 599 GTB for $180,000, a Chevy Tahoe for $58,250 and splashed $30,000 on diamond jewelry.

“The defendant used 21st century technology to perpetrate an age-old fraud: lying to investors to steal their money and fund his own lavish lifestyle,” Buchanan said. 

He believes Felton’s conviction will help deter others likely to seek such avenues of getting money from investors.

Felton, 48, is awaiting sentencing, the DOJ said in the press release.



Source link

Tags: cryptofilmguiltypleadsproducerscam
Previous Post

Audius Protocol lost $1 million to a governance attack

Next Post

Stablecoin Nirvana lost 90% of its value after a flash loan attack

Related Posts

Jimbos Protocol hacked for $7.5M, JIMBO price drops 40%
Scam Alert

Jimbos Protocol hacked for $7.5M, JIMBO price drops 40%

May 28, 2023
CFTC wins a record $3.4B penalty payment in a Bitcoin-related fraud case
Scam Alert

CFTC wins a record $3.4B penalty payment in a Bitcoin-related fraud case

April 28, 2023
1 quadrillion yUSDT minted in Yearn Finance exploit
Scam Alert

1 quadrillion yUSDT minted in Yearn Finance exploit

April 13, 2023
DeFi platforms lost over $21M to hackers in February: DefiLlama data
Scam Alert

DeFi platforms lost over $21M to hackers in February: DefiLlama data

March 6, 2023
SEC charges former FTX official Nishad Singh
Scam Alert

SEC charges former FTX official Nishad Singh

February 28, 2023
New York Attorney General sues CoinEx over failure to register
Scam Alert

New York Attorney General sues CoinEx over failure to register

February 23, 2023
Next Post
Stablecoin Nirvana lost 90% of its value after a flash loan attack

Stablecoin Nirvana lost 90% of its value after a flash loan attack

Cross-chain protocol Nomad lost $200 million to hackers

Cross-chain protocol Nomad lost $200 million to hackers

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

RECOMMENDED

Bitcoin BTC Price Has Reached ‘a General Accumulation Phase’: Analyst
Bitcoin

Bitcoin BTC Price Has Reached ‘a General Accumulation Phase’: Analyst

by crypetonews
June 2, 2023
0

Bitcoin was recently trading at about $26,835, roughly flat over the previous four hours but down 1.2% from Wednesday, same...

The Craziest NFT Rug Pull

The Craziest NFT Rug Pull

June 5, 2023
Twitter CEO Elon Musk Accused of Insider Trading in Amended Dogecoin (DOGE) Class Action Complaint: Report

Twitter CEO Elon Musk Accused of Insider Trading in Amended Dogecoin (DOGE) Class Action Complaint: Report

June 2, 2023
State-Backed Hackers Target New Victims in Ongoing Cybersecurity Attacks

State-Backed Hackers Target New Victims in Ongoing Cybersecurity Attacks

May 31, 2023
Liquidators Of Sam Bankman-Fried’s Alameda Research Have Scavenged $110 Million Of Bitcoin After Losing Billions

Liquidators Of Sam Bankman-Fried’s Alameda Research Have Scavenged $110 Million Of Bitcoin After Losing Billions

May 31, 2023
According to an Ohio lawmaker, a deal to prevent US financial default rejects a proposed 30% cryptocurrency mining tax.

According to an Ohio lawmaker, a deal to prevent US financial default rejects a proposed 30% cryptocurrency mining tax.

May 30, 2023
  • Trending
  • Comments
  • Latest
146 Top Executives Urge Biden to Prevent US Default — Warns of ‘Disastrous Consequences’

146 Top Executives Urge Biden to Prevent US Default — Warns of ‘Disastrous Consequences’

May 17, 2023
What is the Erigon Node Consensus Layer?

What is the Erigon Node Consensus Layer?

February 15, 2023
Secured #5: Public Vulnerability Disclosures Update

Secured #5: Public Vulnerability Disclosures Update

May 3, 2023
3 Things We Learned at Tornado Cash Dev Alexey Pertsev’s Trial – CoinDesk : ethereum

3 Things We Learned at Tornado Cash Dev Alexey Pertsev’s Trial – CoinDesk : ethereum

November 23, 2022
Crypto Whales Spend Millions Buying the Dip on PEPE As Prices Drop: On-Chain Data

Crypto Whales Spend Millions Buying the Dip on PEPE As Prices Drop: On-Chain Data

May 12, 2023
Steve Aoki and 3LAU Launch PUNX Music Project Using CryptoPunks IP

Steve Aoki and 3LAU Launch PUNX Music Project Using CryptoPunks IP

December 8, 2022
PEPE Crypto Price News Today – Technical Analysis and Elliott Wave Analysis and Price Prediction!

PEPE Crypto Price News Today – Technical Analysis and Elliott Wave Analysis and Price Prediction!

24
BITCOIN: CRASH TO $24,000 GUARANTEED!?!?!?!? 3 HUGE REASONS!! BTC + Crypto Price Prediction Analysis

BITCOIN: CRASH TO $24,000 GUARANTEED!?!?!?!? 3 HUGE REASONS!! BTC + Crypto Price Prediction Analysis

20
⚠️*HUGEEE*⚠️ IT'S MAKE OR BREAK FOR BITCOIN !⚠️Crypto BTC Price Prediction/Cryptocurrency News Today

⚠️*HUGEEE*⚠️ IT'S MAKE OR BREAK FOR BITCOIN !⚠️Crypto BTC Price Prediction/Cryptocurrency News Today

24
Ending Logan Paul's Biggest Scam

Ending Logan Paul's Biggest Scam

40
I ATTENDED A 3 HR 'CRYPTO SCAM' WEBINAR | WFABB iGenius

I ATTENDED A 3 HR 'CRYPTO SCAM' WEBINAR | WFABB iGenius

38
Our INSANE XRP Prediction (CZ & Binance In HOT WATER)

Our INSANE XRP Prediction (CZ & Binance In HOT WATER)

21
Meme Coins On Bitcoin Blockchain Under Threat As Coders Seek Removal

Meme Coins On Bitcoin Blockchain Under Threat As Coders Seek Removal

June 6, 2023
Billionaire Mark Cuban Set To Drop His eBook As An NFT This Week

Billionaire Mark Cuban Set To Drop His eBook As An NFT This Week

June 6, 2023
Why Did Bitcoin BTC Price Fall to $25.4K? SEC Lawsuit Against Binance Rocks Crypto Markets

Why Did Bitcoin BTC Price Fall to $25.4K? SEC Lawsuit Against Binance Rocks Crypto Markets

June 6, 2023
Popular Analyst Says Litecoin on the Edge of Breaking Out, Updates Outlook on Ethereum – Here Are His Targets

Popular Analyst Says Litecoin on the Edge of Breaking Out, Updates Outlook on Ethereum – Here Are His Targets

June 6, 2023
Here’s Why LUNC’s Price Could Cross $0.00015 Soon

Here’s Why LUNC’s Price Could Cross $0.00015 Soon

June 5, 2023
Artists’ depictions of climate data can cut through politicisation of science, study finds

Artists’ depictions of climate data can cut through politicisation of science, study finds

June 5, 2023
Crypeto News

Find the latest Bitcoin, Ethereum, blockchain, crypto, Business, Fintech News, interviews, and price analysis at Crypeto News.

CATEGORIES

  • Altcoin
  • Analysis
  • Bitcoin
  • Blockchain
  • Crypto Exchanges
  • Crypto Updates
  • DeFi
  • Ethereum
  • Metaverse
  • Mining
  • NFT
  • Regulations
  • Scam Alert
  • Uncategorized
  • Videos
  • Web3

LATEST UPDATES

  • Meme Coins On Bitcoin Blockchain Under Threat As Coders Seek Removal
  • Billionaire Mark Cuban Set To Drop His eBook As An NFT This Week
  • Why Did Bitcoin BTC Price Fall to $25.4K? SEC Lawsuit Against Binance Rocks Crypto Markets
  • Disclaimer
  • Privacy Policy
  • DMCA
  • Cookie Privacy Policy
  • Terms and Conditions
  • Contact us

Copyright © 2022 Crypeto News.
Crypeto News is not responsible for the content of external sites.

No Result
View All Result
  • Home
  • Bitcoin
  • Crypto Updates
    • General
    • Blockchain
    • Ethereum
    • Altcoin
    • Mining
    • Crypto Exchanges
  • NFT
  • DeFi
  • Web3
  • Metaverse
  • Analysis
  • Regulations
  • Scam Alert
  • Videos

Copyright © 2022 Crypeto News.
Crypeto News is not responsible for the content of external sites.

Welcome Back!

Login to your account below

Forgotten Password?

Retrieve your password

Please enter your username or email address to reset your password.

Log In