The US Department of Justice charged two men with operating a crypto Ponzi scheme.

David Saffron, an Australian national, and Vincent Mazzotta of California stole $25 million from victims under multiple false entities, including one dubbed the “Federal Crypto Reserve.”

The men are charged with conspiracy to commit money laundering, money laundering, conspiracy to commit wire fraud, wire fraud and conspiracy to obstruct justice. 

According to a DOJ press release, the two are looking at hefty maximum sentences of roughly 75 years, with each count of conspiracy to commit wire fraud and money laundering racking up 20 years. Additionally, they face 20 years for wire fraud, five years…

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