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San Francisco Man Convicted of $1 Million Cryptocurrency Investment Scam

Guavy AI Editorial Team
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A San Francisco man has been convicted of wire fraud and conspiracy in a $1 million cryptocurrency investment scheme.

Japheth Dillman, 48, was found guilty after a 10-day trial for his role in deceiving over 20 investors through Block Bits Capital, a cryptocurrency trading fund he helped start.

Dillman and a co-conspirator made false claims about the fund's automated trading program, Autotrader, and used investor money to pay themselves and make risky investments in other cryptocurrency ventures.

The investments suffered significant losses, while investors were falsely told that Block Bits' cryptocurrency trading had generated large profits.

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