Two US men get prison for swindling investors of US$1.9mil in cryptocurrency scam

The two men allegedly lied about the profitability of Dex, which they described as an 'expertly managed portfolio balancing algorithm.' — Judge hammer photo created by fabrikasimf - www.freepik.com

Two Orange County men who admitted to swindling investors of US$1.9mil (RM8.46mil) with a cryptocurrency offering were sentenced Monday, Aug 1, to federal prison.

Jeremy David McAlpine, 26, of Fountain Valley was sentenced to three years and Zachary Michael Matar, 29 of Huntington Beach was sentenced to two years, six months more than a year after each admitted to taking part in securities fraud, according to the US Attorney’s Office.