London duo sentenced for $2 million cryptocurrency scam

ChainCatcher news, according to Cryptonews, two London residents have been sentenced to over ten years in prison for defrauding dozens of investors out of more than $2 million in a cryptocurrency scam that lasted for two years. According to a press release from the UK's Financial Conduct Authority (FCA), Raymondip Bedi and Patrick Mavanga were sentenced to over five years and six years in prison, respectively.

Bedi and Mavanga cold-called consumers to promote fake high-return cryptocurrency investment opportunities, which were actually scams set up for their personal financial gain. FCA's Joint Executive Director Steve Smart stated that these criminals need to understand that crime comes at a cost, and they will seek to make the criminals pay for it.