BREAKING NEWS
Ex-CEO of Kansas Bank Sentenced to Over 24 Years for $47m Crypto Fraud
Kansas City, KS – A federal judge has sentenced the former CEO of a Kansas-based bank to over 24 years in prison for his role in a $47 million cryptocurrency fraud scheme. David H. Andrus, the ex-CEO of ReserveBankers, was found guilty of 14 counts of wire fraud and conspiracy to commit wire fraud, the U.S. Department of Justice announced on Tuesday.
According to court documents, Andrus, 44, defrauded investors by promising them substantial returns on their investments in a cryptocurrency-based product. Instead, he used the money to fund his own lavish lifestyle, including buying luxury vehicles, a private jet, and multiple homes.
The scheme, which ran from 2017 to 2020, attracted over 1,000 victims from across the United States and internationally, causing them to lose a combined $47 million.
U.S. District Judge Brian C. Wimes sentenced Andrus to 285 months in prison, followed by 3 years of supervised release. Andrus was also ordered to pay restitution to the victims and a fine of $1.1 million.
"This sentence sends a strong message that those who engage in cryptocurrency fraud will be held accountable for their actions," said Assistant Attorney General Brian A. Benczkowski of the Justice Department’s Criminal Division. "We will continue to work with our law enforcement partners to combat fraud and protect investors in the rapidly growing cryptocurrency market."
The FBI’s Kansas City Field Office and the Kansas City Financial Crimes Task Force investigated the case, with assistance from the U.S. Secret Service.
KEYWORDS: crypto fraud, cryptocurrency fraud, banking fraud, financial fraud, wire fraud, conspiracy to commit wire fraud, Kansas City, ReserveBankers, David H. Andrus, prison sentence, fraud conviction, financial crimes, FBI, Secret Service, Kansas City Financial Crimes Task Force.
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Ex-CEO of Kansas bank sentenced to over 24 years for $47m crypto fraud
View info-news.info by Fredzoor
24 years WOW, that’s some brutal sentence but well deserved
>! !tip 1 !<