New York Authorities Expose $43M Ponzi Scheme Involving Cryptocurrency, Leading to Arrest for Wire Fraud
- United States Attorney Damian Williams and FBI Assistant Director James Smith announced the unsealing of an indictment charging Idin Dalpour with wire fraud concerning a multi-year crypto Ponzi scheme that defrauded investors of at least $43 million.
- The indictment alleges that from approximately 2020 to April 2024, Dalpour orchestrated a crypto-related Ponzi scheme targeting investors both in the United States and abroad.
- Dalpour purportedly solicited investments through an entity he controlled, Entity-1, which claimed to be involved in a Las Vegas hospitality enterprise and a crypto trading venture.
Idin Dalpour faces charges of wire fraud for orchestrating a $43 million crypto Ponzi scheme, duping investors with false claims of lucrative returns from a Las Vegas hospitality enterprise and a crypto trading venture.
Wire Fraud Indictment Unveils $43M Ponzi Scheme
The indictment alleges that from approximately 2020 to April 2024, Dalpour orchestrated a crypto-related Ponzi scheme targeting investors both in the United States and abroad. Dalpour purportedly solicited investments through an entity he controlled, Entity-1, which claimed to be involved in a Las Vegas hospitality enterprise and a crypto trading venture. However, instead of utilizing the funds as promised, Dalpour used money from new investors to pay earlier investors, employing a classic Ponzi scheme tactic. He defrauded investors out of at least $43 million throughout the scheme.
Dalpour’s Deceptive Tactics
According to the investigation, Dalpour falsely represented that Entity-1 had secured contracts with a management company and a prominent Las Vegas hotel to rent out condominiums to visitors under the guise of the Las Vegas hospitality enterprise. Dalpour also claimed that the hotel arranged enterta... Read the full article for FREE at COINOTAG!
