Arizona Man Pleads Guilty to Multi-Million Dollar Cryptocurrency Schemes
A man from Fountain Hills, Arizona, has pleaded guilty to running multiple cryptocurrency fraud schemes that defrauded hundreds of people out of more than $7.5 million.
The schemes ran from 2017 through 2023 and involved several companies including Now Mining, VIP Mining, Millennium Technologies, Dumanis Global Technologies, and Justice Capital.
Jeremie Andrew Sowerby, 48, represented himself as a multilevel marketer and convinced people to invest in cryptocurrency under various entities. He admitted to defrauding at least 400 people through these schemes, with some losing several million dollars.
The most egregious scheme involved convincing high-income earners to purchase cryptocurrency mining machines and pay for storage costs and electricity, but the machines did not exist.