Rathnakishore Giri, an investment manager based in New Albany, Ohio, has been arrested and charged with five counts of wire fraud as part of a $10 million cryptocurrency ponzi scheme, the Department of Justice said Friday.
Giri allegedly falsely presented himself as an expert Bitcoin trader to investors. He also fraudulently promised investors returns without risk on their principal investments, yet used new investment money to repay previous investors, said the agency.
Giri faces a maximum penalty of 20 years in prison on each count if convicted, DOJ said.
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