Another Crypto Scam in the United State's Court

Another Crypto Scam in the United State's Court

By HowToVids | Crypto Blockchain News | 6 Feb 2020

Scammers and Ponzi Scheme are with crypto from the first day. A lot of people lost their savings in these schemes. Attractive promotions bring people towards these frauds. They trust these scammers and in the end lost their money. Recently U.S Authorities arrested two people involved in the scam. They founded a company to get investment from people, claiming that they are professional in investing in trade and generating profits. But all that was a fake story.

Zima Digital Assets Founder John Michael Caruso and Co-Founder Zachary Salter arrested by the authorities. John Michael Caruso claimed that “I’m not in the business of guessing, I make calculated trades using tested principles and algorithms since trading is using historical models to predict the future,”.

Whereas, Zachary Salter claimed that he is an entrepreneur and said “I’ve known since I was young that I wanted to make a positive impact,” he more said. “My mantra is ‘Gold Intentions,’ which I got as a tattoo when I dropped out of college at 20 years old.”

But the court says “pattern of investor payments against investor payouts with no investment of funds is consistent with…a Ponzi scheme,” more said “no evidence any of the investment funds…have gone to any cryptocurrency/digital asset investment, or to any investment of any kind.”

Most of the people who lost their money in this scam are MLB Players and Senior Citizens. Approx the amount of this scam is $7.5 million, according to the reports. So be careful from these type of Ponzi and fraud schemes.

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