A United Kingdom court has handed down sentences to two crypto fraudsters who were found guilty of luring potential investors with attractive promises of high returns and subsequently defrauding them of their funds.
Ross Jay and Michael Freckleton have been sentenced to six years and three months, and six years and six months, respectively, by the Southwark Crown Court.
Their conviction was related to a conspiracy to defraud in connection with a long-running crypto scam that dates back to 2015. The scam centered around a fictitious cryptocurrency named “Telecoin,” for which Jay and Freckleton masterminded a deceptive sale of shares to unsuspecting victims.
Fraudsters Exploiting Crypto Novices
In a statement by the City of London police, the duo proactively approached potential investors with an enticing proposal, asking, “How would you like to invest in a cryptocurrency called ‘Telecoin’?”
Under the façade of a company called Digi Ex, their operations involved reaching out
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