[2019-06-23]CabbageTech Crypto Scheme Operator Pleads Guilty to Wire Fraud

[Vladdirescu87]

46-year-old New York resident Patrick McDonnell admitted to stealing funds obtained from his clients instead of investing them in cryptocurrency, Bloomberg reports on June 21.

Per the report, McDonnell — who calls himself the “coyote of Wall Street” — pleaded guilty to wire fraud on Friday in federal court in Brooklyn. He allegedly declared:

“I claimed to invest it in virtual currency and spent it on personal expenses.”

McDonnell attracted investors to his firm CabbageTech by claiming on social media to have traded over $50 million worth of bitcoin (BTC) for thousands of clients. Bloomberg reports that, instead of investing in the interest of his clients, McDonnell appropriated the funds for his own use and spent at least $194,000.

https://cointelegraph.com/news/cabbagetech-crypto-scheme-operator-pleads-guilty-to-wire-fraud

[CryptoBry]

The whole world is full of lies and deception and unfortunately this is quite magnified with the coming of cryptocurrency because this time around it can be easier to reach to a greater number of people using the internet globally...it is no wonder why a good deceiving scheme can victimized many people in different places. I am always happy whenever I hear that someone got caught and faced the legal consequences for their acts of victimizing people...and hopefully this can be serving as a big lesson for all never to get involved with similar schemes as eventually the arms and eyes of the law can overtake them. Let's hope there will be no other Patrick McDonnell  to concoct a scheme that can jeopardize people's money and trust as well as partly destroy the image of cryptocurrency.