An Ohio man will be getting 20 years in prison for carrying out a cryptocurrency scam. Michael Ackerman has pleaded guilty to the crime and might be spending a long time in prison. According to the US Justice Department, the man pleaded guilty to the multi-million dollar cryptocurrency scam last week. A Cryptocurrency Scam Worth Of Millions Michael Ackerman planned and executed a cryptocurrency scam in 2017. This scheme promised to pay investors 15% on their investments every month. Even though the benefits were too dubious and impossible, many investors rushed in to utilize the opportunity. The scam was called the “Q3 Trading Club,” a fund that used investor’s money to make the supposed profits to be shared as returns. On September 8, 2021, a US attorney, Audrey Strauss from the New York Southern District, announced that Ackerman had pleaded guilty to the charges. According to Strauss, the man agreed to have caused the victims to lose above $30 million in cryptocurrency assets. Related Reading | New To Bitcoin? Learn To Trade Crypto With The NewsBTC Trading Course In the announcement, the attorney stressed that Arkerman agreed to have used his fake crypto scheme to steal millions from investors with the promise of 15% monthly returns. In addition, Strauss also disclosed that Michael Ackerman used fake documents to deceive the investors. His balances showed more than $315 million in the fund. But the rea...
