A self-proclaimed cryptocurrency millionaire has been charged with a number of felonies for his alleged position in a rip-off that presupposed to promote a high-powered cryptomining machine referred to as the “Bitex Blockbuster” that didn’t truly exist.
James Wolfgramm (often known as Semisi Niu or James Vaka Niu) of Spanish Fork, Utah, has been charged by a federal grand jury with wire fraud and cash laundering. The fees are in relation to a rip-off that’s mentioned to have collected practically US $1.7 million from two victims.
In response to the indictment, Wolfgramm introduced himself on-line as a cryptocurrency tycoon who had made his fortune in cryptocurrency.
It’s alleged that Wolfgramm posted photographs on social media of high-priced sports activities vehicles he claimed to personal, suitcases full of money, and screenshots of cryptocurrency wallets containing hundreds of thousands of {dollars}’ value of digital foreign money.
Nonetheless, the indictment alleges, among the photographs are thought to have been copied from the web sites and social media accounts of others.
Moreover, Wolfgramm and his firm Bitex are alleged to have promoted a non-existent cryptomining machine they referred to as the “Bitex Blockbuster”.
In response to the Division of Justice, victims have been proven a purported “Bitex Blockbuster” at Bitex’s workplace, which seemed like real-time cryptomining however was in reality exhibiting a pre-recorded video loop.
A few of Wolfgramm’s alleged victims turned to social media to share their tales of how they’d been scammed.
One other of Wolfgrammm’s corporations – Ohana Capital Monetary, Inc. (OCF) – is alleged to have supplied monetary providers to these ineligible for conventional financial institution accounts, with the motto “Banking the Unbankable.”
OCF clients are mentioned to have acquired hundreds of thousands of {dollars} from purchasers who believed that their cash can be saved on deposit, not realizing that their funds have been being spent by Wolfgramm and OCF on “unrelated enterprise bills.”
Wolfgramm faces two counts of cash laundering and 5 counts of wire fraud.
