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On Tuesday, March 8, US Attorney Breon Peace announced that four owners and operators of online cryptocurrency companies - including one from Dutchess County - are facing a host of charges for allegedly running a sophisticated scheme to steal from investors and later attempting to obstruct justice as they were being investigated.
Those charged, according to the US Attorney’s Office:
- Gregory Aggesen, age 58, of Stanfordville in Dutchess County;
- Dwayne Golden, age 57, of Harrisburg, Pennsylvania;
- William White, age 54, of Harrisburg, Pennsylvania;
- Marquis Demacking Egerton, also known as “Marty Eger,” age 58 of Washington, North Carolina.
The four, who own and operate web-based virtual currency companies EmpowerCoin, ECoinPlus, and Jet-Coin, have been charged with wire fraud and money laundering, among other charges.
According to the indictment, between April 2017 and August 2017, the four men running EmpowerCoin, ECoinPlus, and Jet-Coin fraudulently promised investors and potential investors guaranteed fixed returns on virtual currency investments.
It is alleged that they falsely promised investors and potential investors that the returns were made possible through overseas virtual currency trading operations, while investors and potential investors were encouraged to invest in the companies with either cash or Bitcoin.
In reality, Peace said the assets were used to repay other investors or simply stolen, allegedly including by Golden, Aggesen, and Egerton.
Peace said that Golden maintained exclusive access to the Bitcoin and often siphoned Bitcoin funds off the top before paying any investors. The companies collapsed shortly after receiving the investors’ assets, without having engaged in trading activity.
In total, EmpowerCoin, ECoinPlus, and Jet-Coin received more than $40 million from investors.
It is further alleged that from July 2017 to the present, Golden, Aggesen, and White conspired to obstruct a Federal Trade Commission (FTC) investigation and a federal criminal grand jury investigation into the fraudulent schemes.
Golden, Aggesen, and White allegedly destroyed evidence, and White, on Aggesen’s behalf, provided false and misleading information to the FTC in response to a federal grand jury subpoena.
“As alleged, the defendants engaged in a sophisticated scheme that preyed on unsuspecting investors nationwide with false promises of guaranteed returns and virtual currency trading opportunities,” Peace said. “When the companies collapsed and their criminal conduct was about to be exposed, the defendants attempted to cover their tracks and destroy evidence.
“The scams may have been online and virtual, but these charges are very real. This Office is committed to protecting the public from criminals who view cryptocurrency as a new frontier to perpetuate old-fashioned crimes of fraud and money laundering.”
If convicted, the four face up to 20 years in prison.
“Whether we’re dealing with virtual currency or cold-hard cash, schemers continue to capitalize on investors’ best intentions and pocket their ill-gotten gains,” FBI Assistant Director-in-Charge Michael Driscoll said.
“As alleged, those charged today defrauded their victims and generated more than $40 million for their own benefit. This office remains committed to rooting out fraud in all its forms.”
Anyone who was an EmpowerCoin.com, ECoinPlus.com, and/or Jet-Coin.com customer and would like to file a complaint can do so here, while referencing "EmpowerCoin,” “ECoinPlus” or “Jet-Coin” in the complaint.
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