The scheme ran from April 2014 to December 2019, when three of the BitClub leaders were arrested and charged with fraud and the sale of unregistered securities. BitClub purported to sell shares of nonexistent crypto mining pools to gullible investors, only to pay them back with money from newer investors, according to the government.
Former CPA Pleads Guilty to Helping BitClub Architect Launder Funds in $722M Ponzi Scheme
