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The Justice Division indicted Mining Capital Coin CEO Luiz Capuci Jr. for “allegedly orchestrating a $62 million world funding fraud scheme,” the company stated Friday.
Mining Capital Coin, or MCC, is a cryptocurrency mining and funding platform. Capuci, who’s from Port St. Lucie, Florida, allegedly misled buyers by promoting “Mining Packages,” promising substantial returns from mining new cryptocurrencies in what MCC described as their worldwide community of crypto mining machines, in response to the DOJ press launch.
In line with a US Securities and Change Fee grievance filed final month, Capuci offered mining packages to greater than 65,000 buyers since at the very least January 2018. The group promised every day returns of 1% for as much as a yr, the SEC press launch says.
However as a substitute, the DOJ alleges, Capuci diverted the funds to his personal cryptocurrency wallets. MCC netted at the very least $8.1 million from the sale of the mining packages and $3.2 million in initiation charges, which funded a lavish way of life, together with Lamborghinis, a yacht and actual property, in response to the SEC grievance.
“Cryptocurrency-based fraud undermines monetary markets worldwide as unhealthy actors defraud buyers and limits the flexibility of respectable entrepreneurs to innovate inside this rising house,” stated Assistant Lawyer Common Kenneth A. Well mannered, Jr. of the Justice Division’s Legal Division.
CNN Enterprise has reached out to Capuci for remark.
Capuci additionally marketed MCC’s personal cryptocurrency, “Capital Coin,” in response to the DOJ press launch. The discharge alleges one other fraudulent MCC funding avenue, “Buying and selling Bots,” which Capuci claimed operated at “very excessive frequency, with the ability to do hundreds of trades per second.” Capuci claimed the Buying and selling Bots would offer every day returns, in response to the DOJ launch.
Capuci additionally allegedly ran a pyramid scheme, in response to the DOJ, recruiting promoters to promote the mining packages and promising them items starting from Apple watches to Capuci’s private Ferrari, the press launch says.
The DOJ charged Capuci with conspiracy to commit wire fraud, conspiracy to commit securities fraud, and conspiracy to commit worldwide cash laundering. He might withstand 45 years in jail if convicted of all counts. The FBI Miami area workplace and the Homeland Safety Investigations are investigating the case.
The Justice Division has charged others this yr for operating fraudulent cryptocurrency schemes. In February, a federal grand jury in San Diego indicted the founding father of BitConnect for allegedly orchestrating a $2.4 billion world Ponzi scheme.
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