Crypto Credits
Scams

Man Sentenced To 10 Years For $147M Crypto Scam

Court Shuts Crypto-Trading Platform Over Missing £1.5M

Law360 (January 12, 2021, 11:58 AM EST) — A California man was sentenced to 10 years in federal prison for defrauding investors of $147 million in a massive pyramid scheme, issuing a phony digital currency purportedly backed by billions of dollars’ worth of amber and other gemstones.

U.S. District Judge John F. Walter on Monday sentenced Steve Chen, 63, also known as “Li Chen” and “Boss,” of Bradbury, California, saying Chen’s “litany of lies” promoted a scam of “epic proportions.”

Chen pled guilty in June to one count of conspiracy to commit wire fraud and one count of tax evasion after the U.S. Department of Justice said he conned…

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