Rathnakishore Giri, a 27-year-old Ohio man, is facing prison after being charged with involvement in a cryptocurrency investment fraud scheme that raised more than $10m from investors. 

According to the charges, Giri allegedly misled investors by promoting himself as an expert cryptocurrency trader, with a specialty in bitcoin derivatives. He promised his investors lucrative returns with no risk to their principal investment amount, which he ensured them he would return.

Nontheless, Giri allegedly often used the money to repay old investors instead – the hallmark of a Ponzi scheme.

Giri supposedly has a record of other investment failures, including a long history of losing investors’ principal investments, and misleading them when they sought to cash out their invested capital.

The FBI is investigating this case and the Criminal Division’s Fraud Section is prosecuting. Giri is charged by indictment with five counts of wire fraud, and faces a maximum penalty of 20 years in prison on each count if he’s convicted.