Shane Donovan Moore, a former rugby player from Seattle, has been sentenced to 30 months in federal prison for running a fake cryptocurrency scheme that took over $900,000 from investors.
Moore convinced more than 40 people to give him money by claiming he would use it to buy crypto mining equipment and deliver steady daily profits.
From January 2021 to October 2022, Moore ran a company he called Quantum Donovan LLC. He told investors their money would be used to set up mining machines that could generate about one percent in returns each day. Instead, he used the money to buy an upscale apartment, expensive luggage, and electronics.
Did you know?
Subscribe – We publish new crypto explainer videos every week!
What is FUD in Crypto? (Fear, Uncertainty & Doubt Explained)
Moore also used some of the funds to repay earlier investors, which made the operation appear to be working and encouraged others to join.
Many of his victims were fellow rugby players from states including Washington, Utah, Oregon, Connecticut, and New Jersey. Prosecutors said he took advantage of personal connections and trust within the rugby community to find new investors, who together lost more than $387,000.
At the sentencing, Acting US Attorney Teal Luthy Miller said Moore used the hype around cryptocurrency to carry out a “Ponzi scheme”. Miller also noted how the case left behind broken relationships among teammates and friends.
Judge Tana Lin, who handed down the sentence, said Moore’s actions caused emotional and mental harm to his victims, not just financial losses. Along with the prison term, Moore was ordered to repay the money he stole.
On July 16, Paul Chowles, a former officer from the UK’s National Crime Agency, was sentenced to five and a half years. What happened? Read the full story.
Having completed a Master’s degree in Economics, Politics, and Cultures of the East Asia region, Aaron has written scientific papers analyzing the differences between Western and Collective forms of capitalism in the post-World War II era.
With close to a decade of experience in the FinTech industry, Aaron understands all of the biggest issues and struggles that crypto enthusiasts face. He’s a passionate analyst who is concerned with data-driven and fact-based content, as well as that which speaks to both Web3 natives and industry newcomers.
Aaron is the go-to person for everything and anything related to digital currencies. With a huge passion for blockchain & Web3 education, Aaron strives to transform the space as we know it, and make it more approachable to complete beginners.
Aaron has been quoted by multiple established outlets, and is a published author himself. Even during his free time, he enjoys researching the market trends, and looking for the next supernova.
Discover more from Earlybirds Invest
Subscribe to get the latest posts sent to your email.
