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Hollywood film producer pleads guilty for crypto-related scams worth $2.5 million

Hollywood film producer pleads guilty for crypto-related scams worth $2.5 million

The Hollywood producer admitted to crypto frauds including 12 counts of wire fraud, 10 counts of money laundering, and two counts of securities fraud.

 

Ryan Felton, a 48-year-old film producer based out of Atlanta, has pleaded guilty to multiple cryptocurrency-based investment frauds worth $2.5 million to fund his extravagant lifestyle.

 

According to the U.S. Department of Justice, Felton pled guilty to multiple counts of fraud stemming from his fraudulent promotion of two cryptocurrency investment schemes via initial coin offerings (or ICOs). The first was for an entertainment streaming platform called ‘FLiK’ in 2017, which he promised would surpass Netflix. The other was in 2018 for a crypto exchange called ‘CoinSpark’, wherein investors were promised to receive 25% of the exchange’s profits as dividends. Both the schemes attracted investors, but Felton was the only one to have seen any funds coming out of these tricky initiatives.

 

The DoJ further detailed that the producer, who is known for his association with Hollywood films like Perception (2012) and One Last Time (2013), “used the vast majority of the investor proceeds to fund his extravagant lifestyle, including all-cash purchases of a $1.5 million residence, a $180,000 red 2007 Ferrari 599 GTB Fioran Coupe, a new $58,250 Chevy Tahoe, and approximately $30,000 in diamond jewelry.”

 

The producer admitted to 12 counts of wire fraud, 10 counts of money laundering, and two counts of securities fraud.

 

“The defendant used 21st century technology to perpetrate an age-old fraud: lying to investors to steal their money and fund his own lavish lifestyle,” said U.S. Attorney Ryan K. Buchanan.  “Felton’s conviction should serve as a warning to anyone who seeks to capitalize on emerging technology to victimize others.”

 

Felton’s sentencing will be scheduled at a later date before U.S. District Court Judge J.P. Boulee, the DoJ stated.

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