Cryptocurrency Scammer 'TJ Stone' Pleads Guilty to Promising False 60% Returns
CryptoNewsTerminal Staff17 May, 2024
Cryptocurrency Scammer 'TJ Stone' Pleads Guilty to Promising False 60% Returns
Cryptocurrency scammer Thomas John Sfraga, known by the alias "TJ Stone," has pleaded guilty to fraud charges, The Block reports. Sfraga was arrested in December 2023 for allegedly defrauding investors through a fake cryptocurrency wallet scheme, promising returns of up to 60% within three months. Sfraga's scheme involved soliciting investments through social media and online forums, falsely claiming that his company, Stonebridge Global, had developed a proprietary trading algorithm that could generate substantial profits. He allegedly used these false promises to convince victims to transfer funds into cryptocurrency wallets under his control. The Department of Justice (DOJ) has charged Sfraga with wire fraud and money laundering. He faces a maximum sentence of 20 years in prison and a fine of $1.33 million. The DOJ alleges that Sfraga defrauded multiple victims, causing significant financial losses. Authorities emphasize the importance of being vigilant against cryptocurrency scams and thoroughly researching investment opportunities before making any financial commitments.
