The post German National Accused Of $150 Million Crypto Fraud Evades Capture appeared on BitcoinEthereumNews.com.

Horst Jicha, a German national charged with orchestrating a $150 million crypto fraud scheme, has become a fugitive after failing to appear in a Brooklyn federal court.  Jicha was reportedly under home detention in New York City, having secured a $5 million bond guaranteed by his domestic partner and children.   Trial Set For March 31 According to a report from CNBC, Jicha was expected in court for a pretrial hearing but did not show up, prompting the Brooklyn US attorney’s office to initiate a search for him, “There’s a very active investigation underway to capture him,” said John Marzulli, a spokesman for the office.  In addition to seeking to forfeit the bond, prosecutors aim to recover the $4 million portion that was “personally guaranteed” by Jicha’s partner and family members, all of whom reside in Germany. Jicha is suspected of tampering with his ankle monitor on October 3, leading to concerns about his compliance with the court’s conditions for release. Pretrial Services had sent him a directive to visit their office the day after the device malfunctioned, but he failed to appear.  Facing multiple charges of securities fraud and conspiracy related to a multi-level marketing scheme known as USI Tech, Jicha’s trial is scheduled for March 31.  Crypto Linked To Jicha’s Fraudulent Scheme Prosecutors further allege that he misled retail investors by promising average returns of 140% over 140 days, claiming that they could profit through investments in purported Bitcoin (BTC) mining and trading operations, as well as by recruiting others to buy USI Tech products.  However, investigators assert that the platform was a “façade,” with Jicha ultimately siphoning off millions in investor funds. FBI Assistant Director James Smith stated in January that Jicha “stole millions of his investors’ money and fled the country” after the scheme began to unravel.…

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Filed under: News - @ October 12, 2024 10:03 am