New York man sentenced to 30 years for $1.3 billion fraud scheme

A federal jury convicted a New York man of racketeering conspiracy, fraud, and money laundering after prosecutors charged him with operating schemes that took in more than $1.3 billion over five years. The court sentenced the man, age 57, to 30 years in prison and ordered forfeiture of $889 million.

Prosecutors said the schemes used online appeals and cryptocurrency and media ventures to solicit funds from supporters.

Sentencing hearing At the hearing, a prosecutor told the court the defendant led a criminal enterprise that used threats and fear. The judge described the schemes as having a broad reach and said the defendant showed no remorse. More than 250 supporters filled the courtroom and overflow rooms.

More than 600 victims submitted letters describing losses, and one victim told the court the fraud left her about $1 million in debt.

Courtroom statements The defendant addressed the court in a statement after the sentencing was delayed several hours. He said he had become ill earlier in the day and would appeal the verdict. One supporter who addressed the court was removed after making statements the judge said were unrelated to sentencing.

Shouts and applause from spectators followed the removal. Supporters outside the courtroom told reporters they believed the defendant had been targeted for his political views. Prosecutors said the defendant had used political messaging to attract investors.