'Cryptocurrency king' faces up to 12 years after pleading guilty to fraud charges
Instead of trading profits, scheme stashed investors' money in bullion
Rep banned back in 1998 is now facing fraud allegations
Court ruled that payments investors received were fraudulent, must be voided
Firms falsely inflated revenues to boost deal value, U.S. authorities allege
Investors were misled about the use of a new cryptoasset, U.S. authorities alleged
Scheme allegedly promised high returns from AI-powered trading bots
Scheme raised $20 million from investors, promising access to locked-in funds
Private investment fund operated as a Ponzi scheme
Founder allegedly falsified financials, audits, cap tables, to dupe investors