Fraudulent cryptocurrency company partner Dwayne Golden sentenced to 8 years in prison for scamming $40 million

According to ChainCatcher news, reported by The Block, a 57-year-old man from Pennsylvania, Dwayne Golden, has been sentenced to 97 months (approximately 8 years) in prison for his involvement in operating fraudulent cryptocurrency companies EmpowerCoin, ECoinPlus, and Jet-Coin, and has been ordered to forfeit approximately $2.46 million in illegal proceeds.

Dwayne Golden and his accomplices defrauded investors of $40 million through a "Ponzi scheme" and subsequently obstructed federal investigations. Dwayne Golden was first charged with fraud, money laundering, and other financial crimes in March 2022.