A court in the United Kingdom has handed down stiff sentences to two crypto fraudsters found guilty of having taken money from would-be investors with promises of high returns.
A judge in Southwark Crown Court has sentenced Ross Jay and Michael Freckleton. They will serve six years and three months and six years and six months, respectively. The court had found them guilty of conspiracy to defraud for a crypto scam operating as far back as 2015.
Crypto Fraudsters Bilked Strangers
According to a statement from the City of London police, the pair reached out to prospective investors with an offer. How would you like to invest in a cryptocurrency called “Telecoin”?
The only hitch? Telecoin did not exist, and the firm under whose auspices the pair operated, Digi Ex, was a shady shell company. One with real employees, but no legitimate investment activities.
To hear the London police tell it, crypto was such a hot commodity in…
