The Eastern District of New York court sentenced the creator of the crypto trading company CabbageTech Patrick CurryMcDonnell to 33 months imprisonment. He is accused of misappropriating over $ 224,000 from investors.
CabbageTech was established in May 2016. In January 2017, on behalf of her, Patrick McDonnell, under the pseudonym Jason Flack, launched the Coin Drop Markets (CDM) financial pyramid.
McDonnell positioned himself as an experiencedan expert in the field of cryptocurrency investments and promised investors a profit of up to 300% if his trading recommendations were used. By providing fake financial statements, he appropriated the assets of ten investors in Bitcoin, Litecoin, Ethereum and Verge.
According to the court, Patrick McDonnell will also have to return to his victims the full amount stolen.
It is noteworthy that during the consideration of the claimThe U.S. Commodity Futures Trading Commission (CFTC) for McDonnell set a judicial precedent in March 2018. The court acknowledged that Bitcoin and other cryptocurrencies may be regarded as goods and subject to appropriate regulation by the CFTC.
Patrick McDonnell pleaded guilty in June 2019. Initially, he faced up to 20 years in prison.
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