A key figure in a large cryptocurrency Ponzi scheme will spend nearly 8 years in prison, as a federal judge sentenced him to 97 months in Brooklyn on Friday.
The U.S. Department of Justice (DOJ) announced that 57-year-old Dwayne Golden was convicted of wire fraud and money laundering, having orchestrated a scam through three digital asset companies: EmpowerCoin, ECoinPlus, and Jet-Coin, defrauding investors of over $40 million.
Federal prosecutors stated that Golden and his partners promised guaranteed returns from cryptocurrency trades that never took place. Instead, the funds were used to pay back earlier investors or line the pockets of conspirators, which is a hallmark of a Ponzi scheme.
These companies collapsed shortly after collecting investor deposits, causing significant losses to victims.
The scam operated from April to August 2017. Golden, along with Gregory Aggesen and Marquis Egerton (also known as Mardy Eger), falsely promoted their companies as international cryptocurrency traders.
After their companies went under, Golden and his co-defendants attempted to obstruct investigations by the Federal Trade Commission and a federal grand jury, including destroying evidence and providing false information.
U.S. Attorney Joseph Nocella stated, "Golden and his co-defendants did not provide any legitimate services, and these companies did not conduct any actual cryptocurrency trades as they claimed." He described the scheme as exploiting investors' excitement about new technology.
Golden was also ordered to forfeit approximately $2.46 million. Co-defendant William White was sentenced to 30 months in prison, while Aggesen and Egerton are awaiting sentencing.
FBI Assistant Director Christopher Raia called the conspiracy "a carefully orchestrated scheme rooted in deception and false promises, aimed at defrauding investors." He emphasized that Golden's actions demonstrated "a complete disregard for integrity" and praised the sentence as a warning to other potential fraudsters.
The DOJ is asking investors who suffered losses in the scheme to submit claims for restitution through a dedicated portal on the FBI's website.
In a similar case earlier this month, five men pleaded guilty to orchestrating a $36.9 million cryptocurrency scam that defrauded Americans and funneled funds to a cryptocurrency scam hub in Cambodia.
The defendants targeted victims through social media, messaging apps, and dating platforms, luring them with false promises of lucrative cryptocurrency investments.
Ronghui Gu, co-founder of CertiK, stated that over $2.1 billion has been stolen in cryptocurrency-related incidents so far in 2025, with most losses related to wallet breaches and poor key management.
Related: TRM Labs: Cryptocurrency seed phrases and front-end attacks lead to record losses in 2025
Original article: “Cryptocurrency scam operator gets 8 years for $40 million EmpowerCoin, ECoinPlus scam”
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