As a seasoned researcher with a keen eye for financial crimes and a soft spot for justice, this Horst Jicha case has left me quite intrigued. Here we have a German national, living in New York City under house arrest, securing a $5 million bond with his domestic partner and children as guarantors – yet he manages to slip through the net like a well-oiled eel.
As a researcher, I’m sharing an update on a case involving Horst Jicha, a fellow German citizen. He stands accused of masterminding a large-scale cryptocurrency fraud worth approximately $150 million. However, after being summoned to a federal court in Brooklyn, he failed to show up, making him currently at large.
It is said that Jicha was placed under house arrest in New York City, with a $5 million bond being set, which was guaranteed by his domestic partner and children.
Trial Set For March 31
As per a report from CNBC, it was anticipated that Jicha would appear in court for a pre-trial hearing; however, he failed to attend, leading the Brooklyn US attorney’s office to launch an active manhunt for him. John Marzulli, a representative of the office, stated, “We are actively working on capturing him.
Beyond trying to void the bond, prosecutors also intend to reclaim the $4 million share that was individually pledged by Jicha’s partner and relatives, who all live in Germany.
It’s suspected that Jicha allegedly tampered with his ankle bracelet on October 3, raising questions about his adherence to the court’s terms for his release before trial. After the device malfunctioned, Pretrial Services asked him to visit their office the following day, but he didn’t show up.
In relation to accusations of securities fraud and conspiracy involving the multi-level marketing business named USI Tech, Jicha’s court case has been set for March 31.
Crypto Linked To Jicha’s Fraudulent Scheme
Law enforcement officials claim that he deceived retail investors by guaranteeing an average return of 140% within 140 days. He claimed this was achievable through investments in supposed Bitcoin (BTC) mining and trading ventures, as well as by encouraging others to purchase USI Tech products.
On the contrary, it’s claimed by researchers that the platform was more of a “false front,” as Jicha allegedly diverted massive amounts of investor money for personal use.
In January, FBI Assistant Director James Smith announced that Jicha allegedly embezzled vast sums of money from his investors, subsequently disappearing overseas, following the collapse of his illicit scheme. As of now, Jicha’s current location remains a mystery, but court documents suggest he had previously resided in Brazil and Spain before his apprehension in Florida towards the end of 2023.
In January, Jicha was granted bail with stringent terms requiring him to stay within the boundaries of New York City or Long Island and relinquish all travel passports. His partner, Ewa Jicha, assumed the role of custodian, responsible for reporting any breaches of his release conditions.
USI Tech program, introduced in Europe and advertised in the U.S. from 2017, is often characterized as a “pyramid scheme” where it thrived by attracting new investors to maintain profits for the initial ones, who were primarily sustained through the continuous recruitment of others.
In early 2018, due to regulatory examination, USI Tech halted its activities within the U.S., causing investors to lose access to their investments and leading to significant financial losses.
According to the report, a significant portion of the money that went missing from the crypto scheme, initially valued at approximately $150 million upon Jicha’s arrest, is believed to have been stored in cryptocurrencies like Ethereum (ETH) and Bitcoin. These funds were then moved to digital wallets under Jicha’s control following the termination of the company’s operations.
At the time of writing, BTC, the largest crypto on the market, is trading at $62,730.
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2024-10-12 13:12