The U.S. Department of Justice in Washington, D.C., June 20, 2023.
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The Department of Justice on Monday revealed criminal charges versus 2 individuals and the guilty plea of a 3rd individual for managing a $1.9 billion cryptocurrency scams plan referred to as HyperFund, to name a few names.
The Securities and Exchange Commission in an associated civil action charged 2 of those people for their participation in the supposed crypto pyramid plan.
The 3 accuseds charged by the DOJ wrongly declared that financiers in HyperFund would get “substantial returns paid from cryptocurrency mining operations, which did not in fact exist,” stated performing Assistant Attorney General Nicole Argentieri of the DOJ’s Criminal Division.
Erek Barron, the U.S. Attorney for Maryland, stated, “The level of alleged fraud here is staggering.”
Charged in the criminal case were Sam Lee, an Australian resident who resides in Dubai, United Arab Emirates, who is implicated of co-founding Hyperfund, in addition to 2 HyperFund promoters, Rodney Burton of Miami, and Brenda Chung of Severna Park, Maryland.
Lee, 35, is charged with a single count of conspiracy to dedicate securities scams and wire scams. Burton, 54, is charged with one count of conspiracy to run an unlicensed money-transmitting company and another count of running an unlicensed money-transmitting company.
Both guys deal with an optimum possible sentence of 5 years in jail if founded guilty.
Chunga pleaded guilty Monday to one count of conspiracy to dedicate securities scams and wire scams, for which she deals with the exact same possible optimum sentence.
HyperFund likewise was referred to as HyperTech, HyperCapital, HyperVerse and HyperNation.
The United States Securities and Exchange Commission (SEC) head office in Washington, DC, United States, on Wednesday,Jan 10,2024
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