An Ohio man was sentenced today to nine years in prison and three years of supervised release for orchestrating a cryptocurrency investment fraud scheme that raised over $10 million from investors, many of whom resided in or around Columbus, Ohio.
According to court documents, Rathnakishore Giri, 31, of New Albany, Ohio, misled investors by fraudulently promoting himself as an expert cryptocurrency trader, with a specialty in trading Bitcoin derivatives. Giri falsely promised investors that he would generate lucrative returns with no risk to their principal investment amount, which he guaranteed to return. In reality, Giri often used money provided by new investors to repay old investors – a hallmark of a Ponzi scheme. In addition, Giri had a record of investment failures, including a long history of losing investors’ principal investments, and misled investors about reasons for delays when they sought to cash out their investments or otherwise obtain the return of their “guaranteed” principal.
In October 2024, Giri pleaded guilty to one count of wire fraud. Following his guilty plea, while on pretrial release pending sentencing, Giri continued to solicit funds from cryptocurrency investors, causing additional harm to new victims. In advance of today’s sentencing, Giri admitted to this additional conduct pursuant to an amended plea agreement with the Department.
Assistant Attorney General A. Tysen Duva of the Justice Department’s Criminal Division and Special Agent in Charge Jason Cromartie of the FBI Cincinnati Field Office made the announcement.
The FBI investigated the case.
Acting Deputy Chief Lucy B. Jennings and Trial Attorney Tamara Livshiz of the Criminal Division’s Fraud Section prosecuted the case.
If you have been defrauded out of your money by a cryptocurrency investment fraud scheme, please contact the FBI’s Internet Crime Complaint Center at ic3.gov.
