Businessman gets 18 months for bogus cryptocoin sales
A 39 year-old man from New York has been ordered to spend the next 18 months in prison after being convicted of cryptocurrency-based securities fraud.
Brooklyn-based Maksim Zaslavskiy was handed the sentence in the New York Eastern US District Court after being convicted on one charge of conspiracy to commit wire fraud. He will also have to pay out a monetary penalty yet to be determined by Judge Raymond Dearie.
Zaslavskiy was indicted (PDF) in November of last year for his actions as the owner of Diamond Reserve Club and REcoin Group Foundation, a pair of cryptocurrency investment schemes.
In both cases it was found that Zaslavskiy had marketed and sold cryptocoins on the promise that each was backed by a real-world asset. Those assets ..
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