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Mining Capital Coin CEO indicted over $62M investment fraud

The Department of Justice has indicted the CEO of Mining Capital Coin over a $62 million international investment fraud scheme. The DoJ mentioned that Luiz Capuci Jr. is being charged with varied offences starting from fraud to cash laundering.

Mining Capital Coin CEO indicted

The DoJ said that Capuci was being indicted over a conspiracy to commit varied offences, together with wire fraud, securities fraud and worldwide cash laundering. These offences had been performed when Capuci spearheaded varied fraudulent schemes beneath Mining Capital Coin.

If Capuci is discovered responsible of those offences, he faces up to 45 years in jail. The DoJ indictment mentioned that Capuci, alongside different individuals concerned within the scheme, misled traders by promising them excessive income by investing in Mining Capital Coin’s initiatives and shopping for a local token for the mission dubbed Capital Coin. The coin was backed by the “biggest cryptocurrency mining operation in the world.”

While Capuci promised his traders excessive returns, he failed to ship as a result of the cash didn’t go in direction of the promised initiatives. According to the DoJ, “Capuci operated a fraudulent investment scheme and did not use investors’ funds to mwsxine new cryptocurrency, as promised, but instead diverted the funds to cryptocurrency wallets under his control.”

Capuci additionally invested closely in advertising and marketing and promoting. The Mining Capital Coin CEO employed prime promoters and associates to entice extra traders to the mission. Capuci even promised traders Apple watches, iPad and luxurious autos to traders to lure them to the scheme.

“Capuci further concealed the location and control of the fraud proceeds obtained from investors by laundering the funds internationally through various foreign-based cryptocurrency exchanges,” the DoJ added.

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SEC recordsdata fees towards Mining Capital Coin

The US Securities and Exchange Commission (SEC) has additionally filed fraud fees towards the executi9ves of Mining Capital Coin, together with Capuci, Emerson Pires and two different companies linked to Capuci, together with Bitchain Exchanges and CPTLCoin Corp.

The SEC mentioned that these executives lied to traders about receiving their returns in Bitcoin, however as an alternative, they acquired the returns within the type of MCC’s Capital Coin. The coin was solely redeemable on Bitchain, which the SEC mentioned was a “fake crypto asset trading platform Capuci created and managed.”

Kristina Littman, the chief of the SEC enforcement division’s Crypto Assets and Cyber Unit, mentioned that “Capuci and Pires took every opportunity to extract more money from unsuspecting investors on false promises of outlandish returns and used investor funds raised from this fraudulent scheme to fund a lavish lifestyle.”

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