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Ohio manager sentenced 9 years for $10M Bitcoin Ponzi scheme misleading crypto investors

Market News
19 May 2026
Crypto news
View Source
Bearish
pluang ai news

Rathnakishore Giri, an investment manager from Ohio, was sentenced to nine years in federal prison for running a $10 million Bitcoin derivatives Ponzi scheme. He falsely promised investors guaranteed returns with no risk but used new investors' money to pay earlier ones. Giri pleaded guilty to wire fraud and continued soliciting investors even after his guilty plea. This case highlights ongoing risks in crypto investment fraud, which caused over $11 billion in losses in the U.S. in 2025, prompting increased law enforcement scrutiny.

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