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Crypto Scammers Behind VIP Mining, Now Mining and Millennium Face 30 Years in Prison

2 mins
Updated by Bary Rahma
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In Brief

  • Luis Ortega and Jeremie Sowerby face 55 counts of Wire Fraud and Transactional Money Laundering for a crypto scam.
  • They allegedly defrauded hundreds, using false promises of high returns through Bitcoin mining and real estate investments.
  • Legal consequences include potential 20-year imprisonment for wire fraud and 10 years for money laundering, plus fines.
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Two individuals from Arizona face serious charges for their involvement in a crypto investment scheme. Luis Ortega, 42, of Litchfield Park, and Jeremie Sowerby, 45, of Fountain Hills, were indicted by a federal grand jury in Phoenix.

The indictment includes a total of 55 counts, encompassing charges of Wire Fraud and Transactional Money Laundering.

Arizona Crypto Scammers Charged

Ortega and Sowerby are accused of defrauding hundreds of victims through a sophisticated crypto scam. Subsequently leading to the loss of millions of dollars. Indeed, the operation utilized three separate entities to market various investment opportunities, each promising substantial and immediate returns.

The first entity, Now Mining, offered “risk-free” investments in leases of Bitcoin mining machines supposedly located overseas. The second entity, VIP Mining, involved direct investments in Bitcoin mining machines in Arizona.

Finally, the third entity, a real estate and technology company, lured investors with the opportunity to purchase custom-built container houses using a proprietary cryptocurrency called “Millennium.”

Read more: 15 Most Common Crypto Scams To Look Out For

Crypto Scams
Biggest Crypto Rug Pulls. Source: Statista

However, the entire operation was a crypto scam. The promises of lavish giveaways and easy profits were baseless, serving only to funnel investor funds into bank accounts controlled by Ortega and Sowerby. The duo allegedly used these funds for personal expenditures, including property purchases, a new vehicle, and significant cash withdrawals.

The legal ramifications for these charges are severe. A wire fraud conviction can result in up to 20 years in prison and a fine of $250,000. Similarly, transactional money laundering carries a maximum penalty of 10 years in prison and a fine of up to $250,000.

It is important to note that an indictment is only a method for charging a person with criminal activity and does not imply guilt. The court presumes Ortega and Sowerby innocent until a legal process proves them guilty beyond a reasonable doubt.

This case is under investigation by the Federal Bureau of Investigation and IRS Criminal Investigation. The United States Attorney’s Office, District of Arizona, Phoenix, is responsible for the prosecution.

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In adherence to the Trust Project guidelines, BeInCrypto is committed to unbiased, transparent reporting. This news article aims to provide accurate, timely information. However, readers are advised to verify facts independently and consult with a professional before making any decisions based on this content.

Bary Rahma
Bary Rahman, a talented journalist, graduated from New York University with a degree in Journalism. Skilled in SEO, she has worked with CNN, showcasing her investigative skills and storytelling abilities. In addition to her journalistic accomplishments, Bary has contributed her expertise as a content writer for Binance, crafting insightful articles on the dynamic crypto industry. Her unique fusion of journalism and SEO makes her a versatile and highly respected figure in the industry.