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Ponzi: Nigerian Man Set To Face 20 Years In United States Prison

Ponzi: Nigerian Man Set To Face 20 Years In United States Prison


A Nigerian man is set  to face 20 years in prison in the United States after being indicted for an online investment scam.

31-year-old Tochukwu Edeh was charged by the U.S Department of Justice for allegedly involving himself in an online investment fraud scheme.

He carried out the operation by operating an unlicensed money transfer business.

Edeh was charged with one count of fraud in a Boston court. He was also recently charged with a criminal complaint and has been held in police custody since he was apprehended on September 2, 2021.

According to the statement released by the U.S Department of Justice Edeh was into the business of currency transfer services and used car dealerships in Texas, Florida, and Nigeria.

He managed a cryptocurrency and an eCommerce firm which were based in Nigeria.

According to the indictment, Edeh alongside others were involved in a Ponzi-style scheme in Nigeria where they promised investment and Bitcoin investment services. Instead, they used the money from the investors to pay those who had invested earlier.

The money conspiracy charge is associated with a 20 year prison sentence.

Source: Naija News






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