On February 9, the American professional baseball team based in Washington, D.C., the Washington Nationals, announced the team has partnered with Terra, the open-source blockchain platform and decentralized autonomous organization (DAO). The Washington Nationals detail that the team is a “leading innovator” and is “consistently introducing new technologies to enhance the fan experience.” Washington Nationals Ink Long-Term Deal With Terra Major League Baseball (MLB) team the Washington Nationals has partnered with the blockchain platform and DAO Terra, according to an announcement published by the team on Wednesday. The deal with Terra follows a slew of sports-related deals with crypto firms, but the MLB team will be the first to partner with an open-source blockchain project. In addition to the partnership, the algorithmic stablecoin UST that’s issued on the Terra blockchain will be “accepted as a payment method at Nationals Park as early as next season.” “The Nationals continue t...
Michael Ackerman faces up to 20 years in jail if convicted of fraud following his guilty plea.
The man behind a multi-million dollar cryptocurrency scam has pleaded guilty to fraud this week according to the U.S. Department of Justice.
Ohio man Michael Ackerman could face up to 20 years inside following the guilty plea for defrauding investors in a crypto scam he orchestrated in 2017. The too good to be true scheme lured hundreds of investors who deposited USD into a crypto fund called the Q3 Trading Club promising 15% monthly returns.
U.S. attorney for the Southern District of New York, Audrey Strauss, announced the guilty plea on Sept. 8 stating that Ackerman admitted to causing losses of more than $30 million from victims.
“As he admitted today, Michael Ackerman raised millions of dollars in investments for his fake cryptocurrency scheme by falsely touting monthly returns of over 15 percent.”
Strauss added that he falsified documents to convince investors into believing his fund had a balance of more than $315 million. In reality, the fund never had a balance over $5 million according to the DoJ.
It added that Ackerman stole $9 million from investor contributions to “bankroll a lavish lifestyle” that included real estate, jewelry, vehicles, travel, and personal security services.
The 52-year-old pleaded guilty to charges of wire fraud and agreed to make recompense of at least $30 million while forfeiting $36 million in cash, real estate, and jewelry he fraudulently acquired. Ackerman is due to be sentenced on January 5, 2022.
He was initially charged by the Securities and Exchange Commission in February 2020 for violating securities laws. At the time it was reported that he targeted physicians in particular via a private “Physicians Dads Group” on Facebook.
Related: Q3 Crypto Ponzi Victims File Class Action Lawsuit Against Wells Fargo
Ackerman, who was a New York Stock Exchange institutional broker, operated as part of a trio that included James Seijas, a former financial advisor for Wells Fargo, and surgeon Quan Tran.
Victims of the scam sued Wells Fargo in April 2020 for failing to investigate the activities of an employee.
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