The senior promoters – Chairez, Milan, and Aguilar – alongside the co-founder – Rodriquez – were found to be guilty of committing fraud.
A while ago, they pleaded guilty to their illicit activities, however, the other CEO, Dos Santos, pled 2 years ago in October.
There were 6 people who took part in the Ponzi scheme, in relevance to crypto, by stealing about $100M in 5 years.
These 6 people have admitted to committing several fraudulent activities, such as transferring money illicitly.
Due to acknowledging the illegal behavior, they were sentenced to prison for about 20-30 years of time.
Victims Duped into Purchasing Memberships with False Profit Promises
On the 8th of March, AirBit Club’s founder, Pablo Renato Rodriguez, admitted to committing illicit activities; he was the last person to.
As per the US DOJ report, the company called AirBit Club was a complete sham. They called themselves a crypto business, and it was functional since the year 2015 until 3 years ago.
They made their customers believe that they would for sure earn money and that investing in membership would result in profit.
As per the Department of Justice in the U.S.A., criminals traveled all around the world, such as Europe, Asia, America, etc.
In all of these countries, they tried to convince people at expos to invest in their company AirBit Club by purchasing their memberships. Little did the investors know that they were being tricked into a Ponzi scheme.
The people who were targeted were told that profits were visible on their website. However, no activity of trading was observed by them.
A client wanted to take her cash from their hold, but they told her to invest more money in their company prior to the withdrawal.
The money invested by the victims was utilized to acquire expensive jewelry, cars, property, etc., as per the US lawyer.
Moreover, Damian Williams said that the money was utilized to hold expos so they could trap more people in their scheme.
Apparently, criminals used crypto as an excuse to gain money because of the increasing craze about crypto lately. They fooled people globally by taking a large sum of money from them by spreading lies.
These lies were mostly that the money invested by them would be utilized for crypto mining. Williams said that they did not utilize the money for mining but purchased several expensive items and constructed a Ponzi scheme.
Promoters Face Sentencing between June and August This Year
The people accused of fraudulent behavior were charged three years ago in the month of August.
Ever since that time, the people pled guilty to all that they had done which included bank theft, laundering of money, etc.
Jackie Aguilar, Karina Chairez, and Cecilia Millan were the ones who committed these activities.
The other founder of AirBit Club acknowledged committing the behavior mentioned above 2 years ago in the month of October.
The people accused of fraudulent behavior were charged three years ago in the month of August.
Ever since that time, the people pled guilty to all that they had done which included bank theft, laundering of money, etc. Jackie Aguilar, Karina Chairez, and Cecilia Millan were the ones who committed these activities.
The other founder of AirBit Club acknowledged committing the behavior mentioned above 2 years ago in the month of October.
Williams conveyed publicly that their government will be punishing the companies who are fooling people.
He said that the people who have been caught are provided as an example for all those who plan on using crypto in a negative way.
The fraudsters are told by authorities to let go of the money they are holding illicitly. This contains money that is worth $100M in the form of real estate, BTC, and currencies.
Apparently, videos in relevance to the AirBit Club are still on YouTube which was used to fool people.
