5 men were charged in connection with what federal prosecutors called a lucrative cryptocurrency scheme that fleeced investors out of $722M in a business model one defendant described as built 'on the backs of idiots,' according to court documents.
To bolster their business, Goettsche, Weeks and others conspired to solicit investments by providing false and misleading figures described as"bitcoin mining earnings," prosecutors alleges.
In February 2015, Goettsche directed Balaci to"bump up the daily mining earnings starting today by 60%," according to the indictment, to which Balaci is alleged to have warned"that is not sustainable, that is ponzi teritori [sic] and fast cash-out ponzi ... but sure." But court documents indicate that cracks were showing. Weeks remarked in an email to Goettsche and another accused conspirator in June 2017 that BitClub's selling shares and not using the money to buy mining equipment was"not right."
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