According to ChainCatcher and Cointelegraph, former football player Shane Donovan Moore has been sentenced to two and a half years in federal prison for defrauding over 40 investors of more than $900,000 in a cryptocurrency mining Ponzi scheme.
Based on an announcement from the U.S. Department of Justice, Moore operated Quantum Donovan LLC from January 2021 to October 2022. Through this company, he allegedly defrauded more than 40 investors of over $900,000.
When promoting the scheme, Moore claimed that the funds raised would be used to purchase cryptocurrency mining equipment and promised investors a daily return rate of 1%.
U.S. Acting Federal Prosecutor Teal Luthy Miller stated: "Mr. Moore exploited the emerging nature of cryptocurrency to carry out an age-old form of fraud—a Ponzi scheme."
