Vincent Anthony Mazzotta Jr. has pleaded guilty to money laundering and conspiracy to obstruct justice in connection with a $13 million Ponzi scheme involving cryptocurrency investments. Mazzotta and his co-defendant, David Gilbert Saffron, targeted victims between 2017 and 2023 through fraudulent companies like Mind Capital and Cloud9Capital, falsely claiming to use AI trading bots for high returns. They misappropriated investor funds for luxurious personal expenses, including private jets and mansions. In a deceptive twist, they established a fictitious agency called the 'Federal Crypto Reserve' to extract additional fees from victims for non-existent investigations into their losses, showcasing a cruel pattern of double victimization. Experts warn that the ploy exploits victims' desperation and emotions. Mazzotta is scheduled for sentencing on December 15 and could face up to 15 years in federal prison, amid a growing concern over crypto scams targeting various communities.

Source đź”—