Dropil Crypto Scam Cost Customers $1.9 million Crooks Get 3 years in Prison
Crypto scammers, Jeremy David McAlpine & Zachary Michael Matar from investment management service Dropil, lied to their customers and federal regulators about the return on investment they expected.
Cryptocurrency fraudsters never learn. The quick and easy money is much too tempting. In a story that’s becoming so common it’s no longer surprising.
Two scammers have been sentenced to three years in prison for stealing $1.9 million from their customers.
An investment management service named Dropil promised their 2000 plus customers access to a trading bot that never existed.
The buyers who lost their money invested in Dropil’s DROP token, having been promised a financial return of a whopping 63 percent on investment.
The two project leads falsified reports when they were pressured by regulators, they also lied under oath. They have plead guilty to securities fraud, and we’re sentenced to 3 years in prison each.
Jeremy David McAlpine will serve 36 months in federal prison and Zachary Michael Matar was given a 30-month sentence. McAlpine and Matar plead guilty to securities fraud back in 2021.
Customers were promised access to “Dex” – a trading bot that would help them achieve returns between 24 and 63 percent. Federal regulators found these numbers to be false.
“They caused significant financial harm to an extremely large number of victims”, prosecutors commented. “[They] entailed efforts to derail law enforcement’s attempts to root out and address wrongdoing.”Prosecutors condemned McAlpine and Matar’s actions.
Source – Justice.gov