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Florida Man Indicted In $62M Crypto Fraud Scheme
A Florida man who is also the CEO of Mining Capital Coin, a purported cryptocurrency mining and investment platform, is facing charges for allegedly orchestrating a $62 million global investment fraud scheme.
Harshvardhan
6:56 7th May, 2022
Frauds

Luiz Capuci Jr., 44, of Port St. Lucie, is charged with conspiracy to commit wire fraud, conspiracy to commit securities fraud, and conspiracy to commit international money laundering.

According to his indictment, Capuci misled investors about his company’s cryptocurrency mining and investment program, under which investors could invest in MCC by purchasing “Mining Packages.”

Capuci and his co-conspirators are accused of reassuring investors they would make substantial profits by his company using the money to mine new cryptocurrency.

Instead, Capuci allegedly diverted the funds to cryptocurrency wallets under his control, prosecutors said.

“Cryptocurrency-based fraud undermines financial markets worldwide as bad actors defraud investors and limits the ability of legitimate entrepreneurs to innovate within this emerging space,” said Assistant Attorney General Kenneth A. Polite, Jr. of the Justice Department’s Criminal Division. “The department is committed to following the money — whether physical or digital — to expose criminal schemes, hold these fraudsters accountable, and protect investors.”

According to the indictment, Capuci also marketed his company’s “Trading Bots” as an additional investment mechanism for investors to invest in the cryptocurrency market, claiming his company partnered with “top software developers in Asia, Russia, and the U.S.A. to create an improved version of Trading Bot[s] that [were] tested with new technology never seen before.”

“Virtual currency markets are growing rapidly, and unfortunately so are crypto currency investment scams,” said Assistant Director Luis Quesada of the FBI’s Criminal Investigative Division. “The FBI and our law enforcement partners are committed to investigating financial fraud wherever it occurs, including in the virtual currency space.”

If convicted of all charges, Capuci faces a maximum total penalty of 45 years in prison.

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