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• FBI Arrests Man For Running Alleged $43 Million Crypto Trading Ponzi Scheme The Manhattan man allegedly spent $1.7 million of investors' money on gambling debts, $400,000 on Art Direct, and his kids' private school tuition
• "For four years, Idin Dalpour allegedly used false promises of high returns to entice victims to invest in his purported hospitality and cryptocurrency trading enterprises, but in reality, used these payments to satisfy other debts or personal expenditures," FBI Assistant Director in Charge James Smith said in a press release. "Cheating investors o...
• Dalpour's company, Maxben Group, mentions real estate, hospitality, entertainment venues, and professional sports teams—but doesn't appear to mention crypto trading. Instead, that was run through a separate business, according to the FBI.
• "Dalpour falsely represented to investors that he purchased cryptocurrency at wholesale and sold the cryptocurrency at a profit to retail investors," prosecutors wrote in their indictment. "As with the Las Vegas hospitality enterprise, Dalpour promised investors lucrative annual returns and that their money was insured. These statements were false....
• The Manhattan resident also allegedly spent $1.7 million of investors' money to cover his personal gambling losses, more than $400,000 on Art Direct, and private school tuition for his children. Dalpour, 39, faces one charge of wire fraud, which could result in up to 20 years in prison if convicted.

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