Mining Capital Coin CEO indicted by DOJ over crypto fraud
The CEO of Mining Capital Coin, a purported cryptocurrency mining and investment platform, Luiz Capuci Jr., 44, of Port St. Lucie, Florida, has been indicted by the United States Department of Justice (DOJ) "for allegedly orchestrating a $62 million global investment fraud scheme," as per the official filing from the authority.
Mining Capital Coin CEO indiction
The DOJ has been working hard to save investors from cryptocurrency frauds and scams, and it seems that, to some extent, success is being achieved. In its recent indictment of Capuci, the financial authority charged the founder of Mining Capital Coin with misleading investors about the firm's cryptocurrency mining and investment program."This office is committed to protecting consumers from unscrupulous fraudsters seeking to capitalize on the relative novelty of digital currency," said U.S. Attorney Juan Antonio Gonzalez for the Southern District of Florida. "As with any emerging market, those who invest in cryptocurrency must beware of profit-making opportunities that appear too good to be true."Mining Capital Coin had an investment scheme running where users could invest in MCC by purchasing "Mining Packages." Under this scheme, the team headed by Capuci guaranteed substantial yields to investors imbursed with the help of substantial profits generated from mining new cryptocurrency using the investors' money.
Creation of a DAO?
Furthermore, the CEO confirmed the creation of Capital Coin, a cryptocurrency followed by a decentralized autonomous organization or DAO, which was "stabilized by revenue from the biggest cryptocurrency mining operation in the world." Such big words failed when it came to action as Mining Capital Coin turned out to be a scheme of false promises. As per the DOJ, Capuci directed the funds to his own wallet instead of mining cryptocurrencies."The department is committed to following the money — whether physical or digital — to expose criminal schemes, hold these fraudsters accountable, and protect investors," said Assistant Attorney General Kenneth A. Polite, Jr. of the Justice Department's Criminal Division.Capuci is also alleged to have recruited promoters and affiliates to promote MCC and its fraudulent scheme via a multi-level marketing scheme, or a pyramid scheme.
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