The SEC Has Put A Stop To A $62 Million Cryptocurrency Mining And Trading Scheme And The DOJ Has Charged The Founder

The MCC founder also reportedly recruited promoters and affiliates to promote MCC in a pyramid scheme, concealing the location and control of the fraud proceeds through several foreign-based cryptocurrency exchanges.

MCC International (otherwise called Mining Capital Coin), its organizers (Luiz Carlos Capuci Jr. also, Emerson Souza Pires), and two associations oversaw by them have all been charged by the SEC.

Since at least January 2018, the securities watchdog has detailed: MCC, Capuci, and Pires sold mining packages to 65,535 investors all across the world, with 1% daily profits paid weekly for up to 52 weeks.

The US Securities and Exchange Commission (SEC) has shut down a $62 million global cryptocurrency trading and mining operation, and the DOJ has indicted the scheme’s CEO and founder. According to the Justice Department, if convicted on all counts, he faces a potential total sentence of 45 years in prison. The Securities and Exchange Commission (SEC) of the United States said on Friday that a deceitful crypto mining and exchanging trick had been closed down.

The SEC Has Put A Stop To A $62 Million Worldwide Cryptocurrencies Fraud Case

MCC International (also known as Mining Capital Coin), its founders (Luiz Carlos Capuci Jr. and Emerson Souza Pires), and two organizations managed by them have all been charged by the SEC. The charges come from unregistered contributions and fake deals of money growth strategies known as mining bundles to huge number of financial backers, as per the office.

Since at least January 2018, the securities watchdog has detailed: MCC, Capuci, and Pires sold mining packages to 65,535 investors all across the world, with 1% daily profits paid weekly for up to 52 weeks.

The complaint also claims that MCC investors were guaranteed bitcoin profits at first (BTC). The defendants thereafter forced investors to withdraw their deposits in capital coin (CPTL), which was MCC’s own token, according to the complaint. Capuci, the creator and CEO of MCC, a supposed cryptocurrency mining and investing platform, was also indicted in a $62 million global cryptocurrency fraud conspiracy, according to the US Department of Justice.

According to the DOJ, Capuci of Port St. Lucie, Florida, misled investors about his platform’s cryptocurrency mining and investment programme, attracting them into MCC’s mining packages. He and his accomplices stated that MCC had an international network of cryptocurrency mining devices that could provide investors with significant income and assured returns. They also promoted MCC’s own coin as a decentralized independent organization that was stabilized by revenue from the world’s largest cryptocurrency mining operation, according to the DOJ.

MCC’s Founder As Well As CEO Is Charged By The DOJ

Capuci, on the other hand, ran a sham investment programme, diverting investor monies to bitcoin wallets under his control rather than mining fresh cryptocurrency as promised. Capuci is also accused of touting and fraudulently marketing MCC’s supposed trading bots as an extra investing mechanism to assist investors benefit in the cryptocurrency market, according to the indictment.

According to the DOJ, the MCC founder also reportedly recruited promoters and affiliates to promote MCC in a pyramid scheme, concealing the location and control of the fraud proceeds through several foreign-based cryptocurrency exchanges. The Department of Justice added Capuci is accused of conspiring to commit wire fraud, securities fraud, and international money laundering. He faces a maximum sentence of 45 years in jail if convicted on all counts.

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