Crypto scam: A retired correction officer charged as defrauded $600,000

[Cryptocrit]

Attorney Philip R. Sellinger said a former corrections officer was arrested Wednesday for running a cryptocurrency scam that defrauded first responders of more than $600,000, US

John DeSalvo, 47, of Upper Township is also accused of soliciting up to $100,000 from members of an online investment group in the same scam. In both cases, he cut most of the money he would have spent on unrelated expenses, officials said.

He was charged with two counts each of wire fraud, bank fraud and embezzlement and is scheduled to appear in federal court in Newark on Wednesday afternoon.

DeSalvo was accused of creating the Blazar Token in 2021 and marketing it to first responders on social media, promising them it would supplement their retirement plans. It told potential investors that they were getting a return of more than 20% with zero risk and misled them with several false statements, including saying that the coin was approved by the Securities and Exchange Commission as well. and it will be available for purchase in the main. stock exchange. authorities said.

https://www.cryptocrit.xyz/2023/08/crypto-scam-retired-correction-officer.html

[TomPluz]

The big lesson here is: Never trust anybody you actually don't know to be the one handling your investment via a cryptocurrency scheme based on promises. In case you are a risk-taker then just invest a little so you may lose a little. Never stake everything.

[NewspaperD2]

Never trust anyone blindly. Invest with your knowledge and experience. If you're not confident enough to invest, start with a small amount of capital. I've lost a lot before realizing this, and by the time I realized, I had been deceived by those more skilled than me.

[WizardOfAlts]

How did that go exactly?

More details?

Maybe we can get Bitculator to update their article on the scamming subject? [nofollow]