The founder of Argyle Coin, a virtual currency that was allegedly backed by “fancy colored diamonds” received a seven-year sentence and will pay $23 million in restitution for defrauding investors. Argyle Coin, LLC was created when the founder’s prior diamond-selling scam had started to unravel, and he used money from investors in his new “high return, no risk” digital currency to pay off existing investors. He also managed to siphon away $10 million for himself to spend on a house, shopping at Gucci, purchasing horses, and riding lessons for his adult son.
(https://coingeek.com/argyle-coin-founder-involved-in-25m-scam-gets-7-years-in-jail/)
CPAs, get four hours of fraud CPE with our Fraud Essentials for CPAs Webinar. Click here for more information.