COLUMBUS, Ohio — An Ohio Investment Manager who orchestrated a cryptocurrency Ponzi scheme has learned his sentence.
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Rathnakishore Giri, 31, of New Albany, Ohio, was sentenced Monday to nine years in prison and three years of supervised release for orchestrating a cryptocurrency investment fraud scheme that raised over $10 million from investors, many of whom resided in or around Columbus, Ohio.
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According to court documents, Giri misled investors by fraudulently promoting himself as an expert cryptocurrency trader, with a specialty in trading Bitcoin derivatives.
Giri falsely promised investors that he would generate lucrative returns with no risk to their principal investment amount, which he guaranteed to return.
In reality, Giri often used money provided by new investors to repay old investors, which is a hallmark of a Ponzi scheme.
Giri also had a record of investment failures, including a long history of losing investors’ principal investments or otherwise obtain the return of their “guaranteed” principal.
In October 2024, Giri pleaded guilty to one count of wire fraud. Following the guilty plea, while on pretrial release pending sentencing, Giri continued to solicit funds from cryptocurrency investors, causing additional harm to new victims.
Before Monday’s sentencing, Giri admitted to the additional conduct pursuant to an amended plea agreement with the Department.
The case was investigated by the FBI.
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