Social media personality gets 45 months behind bars for orchestrating multi-million dollar Ponzi scheme

Crypto Influencer Sentenced to Prison for Wire Fraud

A prominent cryptocurrency influencer has been sentenced to prison for his role in a wire fraud scheme that defrauded investors out of millions of dollars.

According to court documents, the influencer, who was identified as Jason Turbat, was sentenced to 42 months in prison for his involvement in the scheme. Turbat, who had a large following on social media and was known for his cryptocurrency-related content, used his influence to convince investors to put their money into a fake cryptocurrency called "TurbatCoin."

Turbat claimed that TurbatCoin was a new and innovative cryptocurrency that was going to revolutionize the industry, and he used his social media platforms to promote it to his followers. However, in reality, TurbatCoin was nothing more than a scam, and the investors who put their money into it lost a significant amount of money.

The scheme was uncovered by authorities, who launched an investigation into Turbat's activities. Turbat was arrested and charged with wire fraud, and he subsequently pleaded guilty to the charges.

In addition to his prison sentence, Turbat was also ordered to pay a fine of $100,000 and to forfeit $1.5 million in assets. The court also ordered Turbat to pay restitution to the victims of the fraud, with the amount to be determined at a later date.

The case serves as a reminder of the importance of doing your own research and due diligence when it comes to investing in cryptocurrencies. It also highlights the risks that can come with following the advice of influencers or other online personalities.