An Ohio man is due to forfeit millions in cash, real estate and jewelry after pleading guilty to facilitating a fake crypto investment scheme.
According to a U.S. Department of Justice (DOJ) press release, 52-year-old Michael Ackerman and his associates started a fraudulent crypto investment fund in 2017, luring potential investors with the promise of a 15% monthly return on their US dollars.
The DOJ says the fund claimed to run a “proprietary trading algorithm” to profit from Bitcoin and other crypto trades.
Ackerman claimed that by 2019, the fund’s value grew from $37 million to $315 million, a whopping 751% return within two years.
The DOJ says Ackerman touted the fund’s performance to existing and prospective investors who were looking to generate high returns.
In reality, however, the DOJ notes that Ackerman’s trading account had a balance below $5 million. The fraudster doctored numerous screenshots of his trading account to support his false claims.
According to the