On March 9, the U.S. Department of Justice charged Dwayne Golden, Gregory Aggesen and Marquis Demacking Egerton with financial crimes such as fraud and money laundering while operating three cryptocurrency projects called EmpowerCoin, ECoinPlus and Jet-Coin, defrauding investors from more than $40 million in funding.
It is reported that the three accused allegedly promised investors fixed returns on their investments through overseas cryptocurrency exchanges. The three either pocketed the funds or used them to pay previous investors, prosecutors said.
In addition, another man named William White is suspected of conspiring with Golden and Aggesen to obstruct justice and tamper with evidence during the investigation.
Golden, Agesen, and Egerton allegedly began their cryptocurrency fraud in April 2017, while attempted obstruction of justice took place from July 2017 to the present. Golden, Agesen, Egerton and White face up to 20 years in prison if convicted.