CabbageTech CEO Patrick McDonnell pleaded guilty to a cryptocurrency scam and has been sentenced to 33 months in jail.
It may take some time but law enforcement eventually catches up to most criminals. This is true for the virtual world of cryptocurrencies as it is for those using dollars for illicit activities. One such criminal has found this out the hard way. Patrick McDonnell, the CEO of cryptocurrency company CabbageTech, has been sentenced to 33 months in jail for his part in a cryptocurrency scam.
Breaking the Law
Patrick McDonnell pleaded guilty back in July 2019 to wire fraud as part of an operation to defraud crypto investors. United States District Judge Nicholas G. Garaufis sentenced McDonnell to the jail term of almost three years as well as requiring US$224,352 in restitution.
Of the case, Richard P. Donoghue, United States Attorney for the Eastern District of New York, said:
"Patrick McDonnell is headed to prison for deceiving investors, using an alias, false promises and false balance statements for one purpose only—so that he could steal their money. This Office will continue to vigorously prosecute white-collar criminals who defraud the investing public." Read More...