Michael Joseph McElhiney, a 37-year-old man who was previously residing in Spokane, Washington, has recently pleaded guilty to wire fraud. This announcement was made by the U.S. Department of Justice (J) on Wednesday.
Between March 4, 2021, and September10, 2022, McElhiney deceived investors by falsely presenting himself as operator of a cryptocurrency investment fund called Mac Blockchain Solutions. He employed various means to reach to his victims which included personal meetings, dating apps interactions, and online gaming platforms. Mchiney enticed these individuals with promises of significant returns and liquidity through investments in and blockchain projects.
However, instead of utilizing the funds for their intended purposes, Mchiney diverted them towards personal gambling activities while fabricating false records documenting investment progress. a result of his fraudulent actions during this period spanning approximately a year and a half, managed to defraud over $350,000 from multiple victims.
Notably, the losses incurred by these victims were not limited to monetary value alone; they included valuable assets such as cash holdings as well as rare art pieces and precious metals.
Furthermore, when investors attempted to withdraw their investments from Mac Blockchain Solutions at later stages during period or requested payouts based on their previous agreements with McElhiney regarding guaranteed returns or liquidity provisions; he resorted to providing them with false excuses designed to delay or ultimately prevent any form of payout.
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