U.S. DOJ Charges Tennessee Man Over Alleged Crypto Ponzi Scheme Run From 2020 to 2024

U.S. federal prosecutors have charged a Tennessee man with 11 counts for allegedly operating a cryptocurrency Ponzi scheme through his company, Star Credit Holdings, from 2020 to 2024. According to ChainCatcher, the U.S. Department of Justice said the defendant allegedly lured investors with false promises of guaranteed returns, used funds from new investors to pay earlier investors, and defrauded victims of several million dollars. Prosecutors also allege he misappropriated more than $1.9 million for himself and family members. The charges include wire fraud, money laundering, and filing false tax returns. If convicted, he could face decades in federal prison.