In short: Thomas Clausi, a 21-year-old Frenchman, has been sentenced to 18 months in prison for orchestrating a cryptocurrency scam in Morocco. He must compensate his victims and pay a fine of $3.7m to customs authorities. Clausi's lawyer claimed his client has almost completed his jail term since he has already been in a correctional facility since December 2021. Other crypto scammers, including Gilbert Armenta and Cooper Morgenthau, have also been sentenced to prison for their fraudulent schemes. Morocco's central bank, Al-Maghrib, has voiced its intention to design a regulatory framework to ensure maximum security for cryptocurrency users.
Our quick analysis:
In recent times, crypto fraudsters have been upping their game, creatively swindling investors out of significant sums of money. However, their days of criminal enterprise are numbered as law enforcement agencies have been cracking down on them. Take the example of Gilbert Armenta, former lover of Ruja Ignatove, who is now behind bars for five years for his role in the infamous OneCoin scam. Another individual, Cooper Morgenthau, former CFO of African Gold, was sentenced to three years in jail after stealing $5 million from different SPACs to trade meme stocks.
Add to this list the 21-year-old Frenchman Thomas Clausi, who has been sentenced to serve 18 months in prison for orchestrating a crypto scheme and ordered to compensate his victims and pay a fine of 3.4 million euros ($3.7 million) to customs authorities. Clausi must have failed to learn from the mistakes of his peers. Despite the increasing popularity of cryptocurrencies in the region, Moroccan lawmakers' hostile stance on digital assets and Clausi's illicit payment method did him no favors.
Clausi's story revolves around a Frenchwoman selling him a Ferrari worth $440,000 worth of bitcoin, considered an illicit payment method in Morocco. The Casablanca Court also found Clausi guilty of buying three luxury watches in exchange for a counterfeit check and ordered him to refund the owner of the items for $4,000.
While crypto scammers continue to ply their trade, jurisdictions around the world are moving to put in place regulations to curtail illicit activities. The central bank in Morocco, Al-Maghrib, has already expressed its intention to design a regulatory framework for the asset class. It's a good sign that such efforts will ensure greater security for crypto users.
CryptoPotato has been reporting on the sentencing of crypto scammers like Gilbert Armenta, Cooper Morgenthau, and others. The trial against Terraform Labs co-founder Do Kwon and FTX former CEO Sam Bankman-Fried is also set to take place in the future. The authorities have accused both men of orchestrating multi-billion crypto frauds, and their trials will determine their guilt and punishments.
Crypto scammers beware. The long arm of the law is catching up with you, and jail time awaits you!
Our quick analysis:
In recent times, crypto fraudsters have been upping their game, creatively swindling investors out of significant sums of money. However, their days of criminal enterprise are numbered as law enforcement agencies have been cracking down on them. Take the example of Gilbert Armenta, former lover of Ruja Ignatove, who is now behind bars for five years for his role in the infamous OneCoin scam. Another individual, Cooper Morgenthau, former CFO of African Gold, was sentenced to three years in jail after stealing $5 million from different SPACs to trade meme stocks.
Add to this list the 21-year-old Frenchman Thomas Clausi, who has been sentenced to serve 18 months in prison for orchestrating a crypto scheme and ordered to compensate his victims and pay a fine of 3.4 million euros ($3.7 million) to customs authorities. Clausi must have failed to learn from the mistakes of his peers. Despite the increasing popularity of cryptocurrencies in the region, Moroccan lawmakers' hostile stance on digital assets and Clausi's illicit payment method did him no favors.
Clausi's story revolves around a Frenchwoman selling him a Ferrari worth $440,000 worth of bitcoin, considered an illicit payment method in Morocco. The Casablanca Court also found Clausi guilty of buying three luxury watches in exchange for a counterfeit check and ordered him to refund the owner of the items for $4,000.
While crypto scammers continue to ply their trade, jurisdictions around the world are moving to put in place regulations to curtail illicit activities. The central bank in Morocco, Al-Maghrib, has already expressed its intention to design a regulatory framework for the asset class. It's a good sign that such efforts will ensure greater security for crypto users.
CryptoPotato has been reporting on the sentencing of crypto scammers like Gilbert Armenta, Cooper Morgenthau, and others. The trial against Terraform Labs co-founder Do Kwon and FTX former CEO Sam Bankman-Fried is also set to take place in the future. The authorities have accused both men of orchestrating multi-billion crypto frauds, and their trials will determine their guilt and punishments.
Crypto scammers beware. The long arm of the law is catching up with you, and jail time awaits you!
Disclaimer: Our articles are NOT financial advice, and we are not financial advisors. Your investments are your own responsibility. Please do your own research and seek advice from a licensed financial advisor beforehand if needed.
0 Comments
Please, behave!