U.S. authorities have taken a hard stance against crypto fraud. On June 27, 57-year-old Dwayne Golden was sentenced to 97 months in prison by a federal court in Brooklyn for his role in a cryptocurrency investment scheme that defrauded investors of over $40 million. Disguised as legitimate digital asset companies, the scheme operated as a classic Ponzi operation.
🔍 Three Fake Firms and Hundreds of Victims
Golden, together with Gregory Aggesen, Marquis Egerton (also known as “Mardy Eger”), and William White, created and operated three fraudulent crypto companies: EmpowerCoin, ECoinPlus, and Jet-Coin. These firms promised guaranteed returns through overseas cryptocurrency trading. In reality, they funneled funds from new investors to pay off earlier ones or to enrich themselves.
The scheme ran from April to August 2017, and the platforms were abruptly shut down, leaving investors with significant losses while the operators vanished with the funds.
🧾 Obstructing Justice and False Testimonies
In addition to the fraud, the group actively obstructed federal investigations. They destroyed evidence and provided false statements to authorities. Between 2017 and 2022, Golden, Aggesen, and White conspired to derail investigations by the Federal Trade Commission and a federal grand jury. White, acting on behalf of Aggesen, gave misleading statements to authorities in response to official subpoenas.
Golden has also been ordered to forfeit $2.46 million in assets, with restitution to victims to be determined at a later date. Co-defendant William White received a 30-month prison sentence. Aggesen and Egerton are still awaiting sentencing.
🧑⚖️ Victims Urged to Seek Restitution
The FBI is calling on affected investors to submit restitution claims through official channels as part of the ongoing federal recovery process.
⚖️ DOJ Cracks Down on Crypto Crime
Golden’s sentencing is one of many aggressive actions taken by the U.S. Department of Justice in recent weeks to tackle crypto-related crime. Earlier this June, the DOJ seized over $225 million in crypto assets linked to pig butchering scams.
In a separate case, the DOJ sought the forfeiture of $7.7 million in crypto tied to North Korean operatives. Just days later, it charged a Russian national for running a $500 million money laundering scheme using crypto payment services.
U.S. officials have signaled that aggressive enforcement will continue as crypto-related financial crime is on the rise. The DOJ and FBI reaffirm their commitment to dismantling fraudulent operations and returning stolen assets to victims through international collaboration and advanced blockchain tracking techniques.
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