Dwayne Golden, Partner at Multiple Fraudulent Crypto Firms, Sentenced to 8 Years in Prison After Defrauding $40 Million

ChainCatcher reports, according to The Block, that the U.S. Department of Justice has announced that 57-year-old Dwayne Golden from Pennsylvania has been sentenced to 97 months (approximately 8 years) in prison for his involvement in operating the fraudulent cryptocurrency companies EmpowerCoin, ECoinPlus, and Jet-Coin, and has been ordered to forfeit approximately $2.46 million in illicit proceeds.

Dwayne Golden and his accomplices defrauded investors of $40 million through a Ponzi scheme and subsequently obstructed a federal investigation. Dwayne Golden was first charged with fraud, money laundering, and other financial crimes in March 2022.