Judge Mark C. Scarsi as presented in a courtroom sketch created on Jan. 11, 2024. Credit: Bill Robles/APDOJ Takes on Largest NFT Scheme That Points to Larger Trend
Gabriel Hay, 23 and Gavin Mayo, 23, allegedly defrauded investors of over $22 million. Former DOJ prosecutor Scott Armstrong says there's a trend of such cases targeting younger defendants.
December 23, 2024 at 03:38 PM
3 minute read
What You Need to Know
- U.S. Department of Justice charged two men with $22 million non-fungible token fraud, alleging deceptive roadmaps and rug pulls.
- The defendants are accused of abandoning NFT projects, splitting funds, and concealing ownership identities.
- The case highlights the government’s change in attitude in connection with charging tech-savvy young individuals, says an ex-DOJ attorney.
The U.S. Department of Justice has charged two California men in Los Angeles federal court with defrauding investors of more than $22 million in the largest non-fungible tokens scheme it has ever prosecuted.
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