Former NJ Corrections Officer Charged with Crypto Offering Fraud

A former New Jersey corrections officer has been charged with crypto offering and investment fraud schemes by the Securities and Exchange Commission.

The SEC's complaint, filed on August 23, 2023, alleges that John A. DeSalvo raised at least $623,888 from approximately 222 investors in connection with the Blazar Token.

The Blazar Token was allegedly marketed as a replacement for traditional state pension systems, and DeSalvo falsely claimed it was registered with the SEC and would be purchased through automatic payroll deduction.

DeSalvo also fraudulently raised approximately $95,000 from 17 investors in an earlier scheme, which involved investing in stocks, options, and crypto assets.