Ohio Investment Manager Sentenced to 9 Years for $10M Crypto Ponzi Scheme

According to the U.S. Department of Justice (DOJ), Rathnakishore Giri, 31, was sentenced to nine years in prison for orchestrating a cryptocurrency Ponzi scheme that defrauded over $10 million from investors. Giri falsely portrayed himself as an expert Bitcoin derivatives trader, guaranteeing risk-free returns while using new investor funds to repay earlier victims.

Giri pleaded guilty to wire fraud in October 2024 but continued soliciting cryptocurrency investors even after his guilty plea while awaiting sentencing, causing additional losses. He was also ordered to serve three years of supervised release following his prison term.