As a long-term crypto investor with a keen interest in the industry and its developments, I find the recent news of Thomas John Sfraga’s guilty plea for wire fraud charges disheartening. The alleged actions of this so-called “crypto personality” have not only tarnished the reputation of individuals within our community but also undermined the trust that many potential investors hold towards cryptocurrencies and their related ventures.
In a Brooklyn federal court on Thursday, I came across the case of Thomas John Sfraga, also recognized in cryptocurrency circles as “TJ Stone.” He admitted to committing wire fraud and defrauding over a dozen unsuspecting victims out of approximately $1.3 million.
Fictitious Scheme Exposed
Based on information from the US Department of Justice, between 2019 and 2022, I falsely represented myself as the proprietor and primary figure in various businesses such as Vandelay Contracting Corp. and Build Strong Homes LLC. Additionally, I asserted having extensive experience in real estate development, media communications, podcast production, and cryptocurrency investments.
As an investigator looking into the case, it is alleged that I managed to persuade numerous individuals, primarily residing in Brooklyn, Staten Island, and Long Island, into lending me funds or investing in supposedly legitimate ventures, which later proved to be deceitful schemes.
The offer encompassed potential profits as high as 60% in just a three-month period, enticing investors towards a nonexistent cryptocurrency named “virtual wallet,” according to U.S. Attorney Breon Peace.
For an extended period, Sfraga deceptively misled friends, acquaintances, and financial backers, resulting in the theft of approximately $1.3 million from their savings. This Office remains committed to identifying and prosecuting such individuals, bringing closure for victims within the Eastern District of New York and across the US.
Crypto Schemer Faces 20 Years In Prison
One time, it’s claimed that Sfraga managed to persuade a person to give him $100,000 in cash as initial costs for a nonexistent major construction project. However, according to the US Department of Justice, this money was allegedly used by Sfraga for his personal expenses instead, which included repaying earlier debts to victims and associates.
I admitted my guilt in the wire fraud case before Judge Lois Bloom, the Chief United States Magistrate. At my sentencing, I could face a prison term of up to 20 years and be required to repay my victims over $1.33 million as restitution.
“US Attorney Breon Peace and James Smith, in their roles as head of the New York Field Office for the FBI, made the announcement of a guilty plea.”
Based on the most recent market data, I’ve observed a significant surge in the value of cryptocurrencies. The prices of the major digital assets have noticeably risen.
Bitcoin, the leading cryptocurrency, has reached and surpassed the $67,000 threshold for the first time since late April, marking an approximately 10% increase over the past week. In contrast, Ethereum, one of the top cryptocurrencies, has experienced significant growth in the last 24 hours, registering a rise of around 5.5%, now trading at $3,111.
The cryptocurrency market capitalization has grown by 3% over the last 24 hours, now standing at $2.37 trillion, indicating a surge in optimistic feelings among investors in the digital currency sector.
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2024-05-18 04:11