Russian President Vladimir Putin’s adviser, Dmitry Kobyakov, accused the US of orchestrating a crypto strategy to eliminate its $35 trillion national debt through the manipulation of stablecoins.

During his speech at the Eastern Economic Forum on Sept. 6, Kobyakov claimed that Washington seeks to “rewrite the rules of the gold and crypto markets” as alternatives to traditional currency systems while addressing declining dollar confidence.

The debt problem

The adviser drew parallels to historical US debt strategies from the 1930s and 1970s, arguing America plans to solve financial problems “at the world’s expense.”

He stated:

“The US plans to solve its financial problems at the world’s expense—this time by pushing everyone into the ‘crypto cloud’. Over time, once part of the US national debt is placed into stablecoins, Washington will devalue that debt.”

He described a multi-stage process where the US would transfer its currency debt into crypto instruments before implementing devaluation.

Kobyakov characterized this as a deliberate scheme to eliminate sovereign obligations through digital asset manipulation:

“They have a $35 trillion currency debt, they’ll move it into the crypto cloud, devalue it—and start from scratch.”

The accusations come amid increased global interest in stablecoins, propelled by thriving regulation in the US. In July, President Donald Trump signed the GENIUS Act into law, creating a regulatory framework for these dollar-pegged tokens.

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Strategic tool

However, Kobyakov positioned crypto adoption as a strategic tool rather than a technological innovation, suggesting that the US promotion of digital assets serves debt management objectives.

The adviser warned that global crypto enthusiasm enables Washington’s alleged financial restructuring plans.

The Eastern Economic Forum, held annually in Vladivostok, serves as Russia’s primary platform for discussing Asia-Pacific economic cooperation and alternative financial systems.

Kobyakov’s remarks reflect ongoing Russian criticism of US monetary policy and dollar dominance.

The accusations align with Russian narratives challenging Western financial infrastructure following international sanctions. Moscow has promoted alternative payment systems and criticized dollar-based settlement mechanisms since 2014.

Kobyakov’s claims reflect broader tensions over global financial architecture as countries explore central bank digital currencies and alternative monetary systems.

Mentioned in this article

Let’s be honest, most people come to trading for one reason: to make money.

And to be even more brutally honest… they want to make that money fast.

You’ve probably seen the same media as everyone else.

Screenshots of traders flipping small accounts into five figures in a few weeks.

YouTube videos promising “one strategy to quit your job.”

And influencers flaunting a lifestyle that looks like it came straight out of a luxury magazine, all thanks to “simple” trades.

It’s tempting to believe that kind of success is just a few good setups away, right?

But here’s the truth: trading isn’t a shortcut, a hack, or easy money.

It’s a craft,  a skill developed over time…

…a long-term performance game!

The faster you chase success, the faster it slips away.

So if you’re stuck in a cycle of bouncing between strategies, pushing risk, or trying to force quick results, this article is for you.

Because in the next few minutes, you’re going to see what real profitable trading truly looks like.

I’ll break down why the “get-rich-quick” mindset is so dangerous, what sustainable trading really requires, and how to shift your thinking from chasing outcomes to mastering the process.

Once you understand the true nature of trading – what it is and what it isn’t – you’ll be in a much better position to succeed.

Let’s get started.

The Illusion of Get-Rich-Quick Schemes

It’s easy to get the wrong idea about trading, especially fueled by social media, viral “success stories,” and endless screenshots of massive gains.

Scroll through any trading forum or Instagram feed, and you’ll see someone turning a $1,000 account into $10,000 in a month.

You’ll see phrases like “how to quit your job in a week,” “make money fast from your phone,” or “turn your life around with just one strategy.”

Trust me, I get it.

It’s exciting, it’s flashy, and it creates the illusion that anyone can achieve rapid success.

And that’s the trap.

This constant stream of hype creates a false narrative: that trading is a fast track to financial freedom, leading many to believe that if they aren’t seeing huge gains right away, they must be doing something wrong.

However, it essentially makes the exception appear to be the rule.

What’s even more dangerous is when you actually get an early win.

Let me give you an example.

Let’s say you make 10% in your first month, which is a fantastic result, by the way. But instead of recognizing it as a great start, you convince yourself this is now your baseline.

“If I can do 10% a month, that’s 120% a year!”

And just like that, the expectations spiral. Suddenly, anything less than that feels like failure. You increase your risk, you chase trades, and you force setups.

Not because you’re greedy but because your expectations have been distorted.

The get-rich-quick mindset doesn’t just show up as wild gambling or overleveraging. Sometimes it’s subtle. It’s thinking you should be doubling your account in six months.

It’s measuring success by how fast you’re growing, not how consistently you’re executing. And the more you chase those fast results, the more likely you are to undo any progress you’ve made.

Because let me tell you, real success in trading isn’t built on momentum, it’s built on control.

But I’d rather be honest with you now than let you believe you’re failing, when in reality, you might be outperforming many.

So let’s be real with ourselves. Let’s drop the hype and get grounded in what actually works.

The Reality of Profitable Trading

Sustainable success in trading is completely dependent on a repeatable system – a process that removes emotion from the equation.

A structure for your entries, exits, risk, and reviews, so you’re not reacting to every flicker on the chart.

The best traders don’t “wing it” based on instinct. They follow a tested plan they trust. And while that plan might evolve, the rules remain constant.

Without rules, you’re not trading, you’re gambling.

But here’s the part most people overlook: building a system takes time, and developing trust in that system takes even longer.

If you don’t trust your process, you’ll abandon it the moment a trade goes against you. That’s why buying someone else’s strategy, especially from a guru, rarely works.

Let me give you a real-world example.

Say a trading influencer promises you 10% per month using their system.

But their approach is based on overleveraging and scalping 5-minute charts.

Meanwhile, you’ve got a full-time job, a family, and maybe an hour or two a day to check the markets. That strategy might work for them, but it’s a recipe for disaster for you.

Why?

Because it doesn’t fit your life.

And if your trading plan doesn’t align with your reality, you won’t follow it, making it worthless.

This is why building your own system, one that fits your goals, schedule, and psychology, is so important.

It won’t be perfect at first. It’ll take time, trial, and adjustment.

But when you do finally trust it? That’s when everything changes.

Edge, Risk Management, and Discipline

Ultimately, the foundation of profitable trading isn’t a flashy strategy; it’s having an edge, managing risk effectively, and executing with discipline.

So what’s an edge?

An edge is simply a small, repeatable advantage in the market. It’s not perfect, and it doesn’t guarantee wins every time.

But over dozens or hundreds of trades, it gives you a slight statistical lean, and that’s all you need.

Your edge might be as simple as this:

price reaches a key area of value (like a support zone, trendline, or moving average), then rejects that area, offering a clean entry.

This isn’t complicated, but it is repeatable, and repeatability is the backbone of an edge.

Now pair that with risk management, and suddenly you’re not just trading, you’re building something that lasts.

Think of risk management as your license to be the casino, not the gambler.

It’s what keeps you in the game long enough for your edge to work.

Because even a solid edge is meaningless if you blow up before it has a chance to play out.

Here’s an example:

Imagine you take 10 trades.

You lose 8 of them.

Brutal, right?

But what if those trades looked like this:

That’s 8 losses… and still a net gain of $10.

Why?

Because you cut your losses quickly and let your winners run. You didn’t need a high win rate; you needed risk control and discipline.

Now, imagine you gave up after the 4th Loss.

You’d miss the $50 winner that could’ve pulled you back into profit.

And that’s why discipline matters just as much as edge and risk. Discipline keeps you showing up even when your system feels like it’s “not working.” It’s what stops you from tweaking your rules mid-trade and keeps you steady when the outcome is uncertain.

If you lose your discipline, even the best edge and smartest risk management won’t save you.

But if you keep showing up, taking good trades, managing your risk, and trusting your edge, the numbers will eventually fall in your favor.

The Power of Compounding Returns Over Time

A concept that every get-rich-quick scheme tends to ignore, yet one of the most powerful wealth-building forces available to any trader, is compounding.

You’ll hear it mentioned by nearly every successful investor, whether it’s Warren Buffett or the quiet trader who’s been building their account for a decade.

But here’s the catch: compounding works in direct opposition to the “get rich quick” mindset. It’s slow, steady, often boring, and for a long time, it feels like not much is happening at all.

But then, towards the end of the curve?

That’s when the magic kicks in.

Let’s walk through two examples to make this clear:

Let’s start with your get-rich-quick example..

Get rich quick example

Look at those numbers, there’s some super high highs and some not so good lows, but overall there’s a couple of 100% gains and 200% gains in there, something you can really go brag to your friends about at the end of the year.

Now let’s look at a compounding return, and after that, compare results!

Hmm.

A bit boring, isn’t it? No massive years, some good, some break evens. Consistently around that 10-20% mark.

So let’s now compare results.

If this doesn’t prove that consistency is king, I don’t know what will.

Sure, 200% years look great on a screenshot, and they’re easy to brag about.

But if you can’t keep the profits, what’s the point?

Let’s be real: if you’re chasing triple-digit returns, robust risk management and position sizing have likely been neglected

It’s all or nothing.

And that’s exactly what most get-rich-quick promises boil down to. Risk everything and hope for the best. But when you take a step back and look at the numbers, it becomes obvious:

The slow, steady, controlled approach wins. Not in theory but in reality. That’s the power of patience. That’s the reward for consistency. That’s what compounding gives you: returns that build on themselves quietly in the background, greatly improving the results of your edge over time.

It’s not exciting. It’s not flashy.

But it works.

And it’s what separates traders who last from those who don’t.

Why Trading Is a Professional Skill

Here’s something to keep in mind the next time you see an influencer flashing Lamborghinis and promising “financial freedom in 30 days.”

Think of a doctor.

Why does a doctor earn a high income? Because they study for years. They go through intense practical training. And eventually, they make life-changing decisions under pressure, every single day.

They’re paid well not just for what they do, but for the dedication and training it took to get to that level of expertise.

Ever wonder why it takes so long to become a surgeon?

Because the stakes are high. You don’t get to operate on someone’s heart after a weekend seminar and a few YouTube videos.

You need experience, you need discipline. You need to prove you can make smart, calm decisions when it matters most.

Now ask yourself,  why should trading be any different?

If trading were as easy as the hype suggests, wouldn’t everyone be rich by now?

The truth is that nothing in this world comes for free.

Just like medicine, trading is a professional skill, and like any serious skill, it takes time, study, feedback, and practice to master.

The reward is directly proportional to the effort that is put in. So yes, the rewards can be incredible, but only after mastery of the process has been earned – by repeatedly applying yourself!

There are no shortcuts, no cheat codes.

And the point of taking your time isn’t just about “being careful”, it’s about surviving the learning curve.

Because you will make mistakes. And if you’ve built the right foundation, those mistakes become lessons, not financial disasters.

Approach trading as a craft, respect the process, and understand that the big rewards don’t come despite the hard work… they come because of it.

Now that you’ve reset the expectations, let’s talk about how to shift your mindset for long-term success.

How to Shift Your Mindset

Focus on Process Over Outcome

One of the biggest turning points in a trader’s journey happens when you stop obsessing over the result of each trade and start focusing on the quality of your execution.

It might sound strange, but you can’t control whether your next trade wins or loses.

What you can control is whether the trade followed your rules, whether risk was properly managed, and whether the setup matched your edge.

The more you commit to that process and refine it over time, the more consistent your long-term results become.

Short-term randomness fades, long-term discipline compounds.

Your edge won’t show itself in 10 trades, maybe not even 30.

It reveals itself over 50, 100, or 1,000 trades, if you’re consistent enough to let it.

So don’t fall into the trap of judging every trade in isolation.

One win or one loss doesn’t tell you anything. But 100 well-executed trades?  That’s a body of work.

Focus on repeating your process with precision. As you gather data, you can slowly tweak and improve, adjusting your system ever so slightly to maximise your returns.

Because in the end, your real goal isn’t to “win” the next trade, it’s to master the process that wins over time.

Make sense?

Good, let’s move on.

Be Prepared for the Long Haul with Realistic Expectations

Here’s the next thing, and you might not want to hear it.

But you need to.

Trading is not a one-month experiment. It’s a multi-year journey.

And the sooner you start treating it that way, the faster you’ll start making real progress.

Realistically, it can take a trader one to two years just to become consistently break-even.

That’s right, break-even, not wildly profitable. Just reaching the point where you’re no longer losing money to the market.

But here’s the thing: if you’re at breakeven, that’s not failure.

That’s real progress!

It means you’ve crossed a major threshold that most traders never reach. I like to say breakeven is the moment a trader finally “gets it”.

You’ve built structure, learned risk, found some discipline, and probably survived a few emotional wipeouts.

From here, it’s all about patience and refinement.

Becoming profitable and staying that way takes even longer. Some months, you’ll make progress. In others, you’ll feel stuck. And sometimes, you’ll experience drawdowns and feel like you’ve forgotten everything.

That’s all part of a normal trading journey.

What matters is that your process keeps improving. You keep learning, keep refining, keep showing up.

If you expect instant results, you’ll stay stuck in the same cycle, strategy-hopping, forcing trades, chasing quick wins. But if you give yourself time, if you think in years instead of weeks, your progress starts to compound in ways you can’t always see in the moment.

You don’t need to be perfect right away. You just need to stay in the game long enough to get good.

And that’s exactly where tracking your performance comes in, so you can see just how far you’ve come, even when it feels like nothing’s moving.

Track Performance

I’ve said it before, and I’ll say it again: if you’re not tracking your performance, you’re flying blind.

Every professional trader I know keeps detailed records, not just of their wins and losses, but of why each trade was taken, how it played out, and what could’ve been done better.

This is where real improvement happens.

Reviewing your losses isn’t just helpful, it’s essential. Because losses give you something wins rarely do: clarity.

They expose gaps in your execution, mindset, or strategy that you might otherwise miss.

Journaling your trades consistently turns your experience into data. Reviewing that data turns it into insight. Over time, you start to spot patterns, not just in the market, but in yourself.

Maybe you always chase after news events, or maybe you take trades when you’re tired or frustrated, or maybe your winners are all clustered around one particular setup that you should be leaning into more.

You won’t notice any of that unless you’re tracking. It’s this habit of self-reflection that separates traders who improve from those who stay stuck.

And here’s the truth: No YouTube video, “secret strategy,” or signal group will ever teach you more than analyzing your own trades will.

So write it all down, review it weekly, and look for the real lessons.

Trust your process and learn from your data, not someone else’s hype.

Build Habits That Support Long-Term Growth

Consistency doesn’t come from motivation; it comes from habit.

Think about any long-term goal outside of trading, such as going to the gym.

If your goal is to build muscle, you know it’s not about one intense workout or a random week of clean eating. It’s about showing up regularly, eating right, and sticking to a plan even on the days you don’t feel like it.

Eventually, it becomes part of your routine, not something you hype yourself up for, but just what you do. That’s how progress is made.

Now apply that exact logic to trading.

You don’t become consistent because you feel inspired, you become consistent because you’ve built habits around your trading.

Reviewing charts, updating your journal,  following a checklist, and sticking to your plan after a tough loss.

These are the habits that build a strong foundation, and they’re what keep you grounded when emotions try to take over.

You don’t need to be perfect. You just need to keep showing up, following your process, and treating trading like a craft you’re committed to mastering.

The more these habits become part of your routine, the less space there is for fear, greed, doubt, or overreaction.

But it’s not just about trading habits,  it’s also about the lifestyle that supports them.

It’s exactly like training at the gym: go too hard too early, and you’ll burn out; take it too lightly, and you’ll stagnate.

The key is finding a balance, one where trading fits into a sustainable, healthy rhythm that you can stick to for years, not weeks.

That’s what long-term growth is built on. Not intensity, but consistency. Not hacks, but habits.

Conclusion

By now, you should have a much clearer understanding that real trading success isn’t fast, flashy, or easy, and that chasing quick riches is one of the fastest ways to fail.

In this article, you learned that the get-rich-quick mindset is often fueled by social media hype and early wins that distort long-term expectations.

You saw how real, sustainable progress is built through structure using a trading system you trust and one that actually fits your lifestyle.

I explored the true skillset behind profitable trading: having an edge, managing risk like a professional, and applying discipline even when results don’t go your way.

You saw the power of compounding and how growing your capital slowly and steadily can produce massive results over time without needing to gamble or rush.

And finally, you saw how to shift your mindset: focusing on process over outcome, tracking performance, managing expectations, and building daily habits that support long-term growth.

Success in trading isn’t about the speed at which you can grow your account, but about your ability to stay consistent and endure in the game.

The sooner you let go of unrealistic timelines, the sooner you start trading with clarity, confidence, and control.

That’s where real progress begins.

So, have you fallen victim to the get-rich-quick schemes, and what do you hope to do differently in the future?

Are you ready for the long haul?

Are you excited to take your trading journey seriously?

Let me know in the comments.

An Arizona man who masterminded a $13 million crypto Ponzi scheme pleaded guilty this week to money laundering and conspiracy to obstruct justice charges.

The U.S. Department of Justice (DOJ) says Vincent Anthony Mazzotta Jr., 54, schemed with his co-defendant David Saffron and others to fraudulently promise investors high-yield profits from crypto investments that pretended to rely on automated trading robots powered by artificial intelligence (AI).

Mazzotta Jr. lured investors by convincing them to sink money into multiple crypto investment companies. When those companies disappeared with the investors’ capital, he went one step further and created a fake government entity called the Federal Crypto Reserve (FCR), which solicited thousands of additional dollars from victims by pretending to investigate those same firms.

The DOJ says Mazzotta Jr. also obstructed justice after Saffron’s initial arrest by destroying evidence at his co-defendant’s apartment, and he attempted to falsify the records of his business, Runway Beauty Inc., to hide his participation in the fraud from a federal grand jury.

Bill Essayli, US Attorney for the Central District of California, warns that criminals like to use the “relative novelty” of crypto assets to prey on victims.

Mazzotta Jr. faces a maximum of 10 years in prison on the money laundering charge and five years for conspiring to obstruct justice.

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A multi-state, multi-million dollar investigation dubbed Operation Teller-to-Telegram just concluded with the arrest of several individuals who allegedly engaged in a bank fraud scheme that targeted the elderly.

In a statement, the office of the Florida Attorney General James Uthmeier says that eight individuals behind an $8.8 million bank fraud ring are now facing RICO charges, criminal use of personal information and other serious felonies. 

The fraud operation involved three bank employees in Maryland, identified as Barbara Frazee, Camala Shafer, and Antonio Penn, who allegedly sold and shared the account information of senior customers using the encrypted mobile messaging app Telegram.

The other perpetrators used the victims’ names, dates of birth, Social Security numbers and bank account information to drain savings, then transferred the stolen funds to accounts that they opened.

Says Polk County Sheriff Grady Judd,

“This wasn’t some small-time scam, this was a well-organized fraud ring stealing millions from innocent victims across the country. They thought they could hide behind mobile apps and fake accounts, but we found them, and we’ll continue to go after anyone who targets hardworking people’s life savings. Racketeering is a serious crime, and we will pursue as many felonies as possible against each one of these suspects.”

Frazee, Shafer and Penn are now facing charges along with their alleged co-conspirators: Okeroghene Akushe, Michael Nevarez, Roshado Durrant, Hassan Phillips and Kevin Clayton.

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Amin Ayan

Crypto Journalist

Amin Ayan

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Amin Ayan is a crypto journalist with over four years of experience in the industry. He has contributed to leading publications such as Cryptonews, Investing.com, 99Bitcoins, and 24/7 Wall St. He has…

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July 25, 2025

An Arizona-based TikTok influencer has been sentenced to eight and a half years in prison for her role in a North Korean plot to infiltrate the U.S. tech workforce and fund the regime’s weapons program.

Christina Marie Chapman, who gained popularity online for her freelance lifestyle content, was convicted in Washington, D.C. on charges of wire fraud conspiracy, aggravated identity theft, and money laundering.

In addition to prison time, Chapman was ordered to forfeit over $284,000 and pay restitution of $176,850. She will also serve three years of supervised release.

TikToker Ran ‘Laptop Farm’ to Help North Korean IT Workers Pose as US Employees

According to prosecutors, Chapman operated a “laptop farm” from her home, allowing North Korean IT workers to remotely access U.S.-based networks while appearing to be physically located inside the country.

Between 2020 and her arrest, she helped operatives obtain remote roles at more than 300 American companies, including Fortune 500 firms, a major television network, and a leading aerospace manufacturer.

“Even an adversary as sophisticated as the North Korean government can’t succeed without the assistance of willing U.S. citizens like Christina Chapman,” said Roman Rozhavsky, Assistant Director of the FBI’s Counterintelligence Division.

US authorities say North Korea has built a global network of IT operatives who use fake identities and proxy networks to secure jobs and channel funds to the regime.

Chapman’s activities helped facilitate these efforts by setting up U.S.-based internet access, laundering wages through personal bank accounts, and shipping laptops overseas, including multiple devices sent to a Chinese city near North Korea.

Investigators seized more than 90 laptops from her residence and discovered she had sent 49 more abroad.

The wages earned by the North Korean agents were misreported to the US tax and social security agencies under stolen or borrowed American identities.

The crypto sector remains a key target in this operation. According to Chainalysis, North Korean-linked hackers stole $1.34 billion in cryptocurrency in 2024 alone, up 21% from the previous year.

Cybersecurity experts say North Korean job seekers are increasingly sophisticated, often hiring European actors to front video interviews while using VPNs and proxy IPs to conceal their locations.

North Korea Linked to Major Crypto Hacks

North Korea has also been linked to several other major crypto heists, including those targeting Bybit, the Ronin Bridge, Harmony, and various DeFi platforms.

Global law enforcement is responding. The U.S. Department of Justice recently moved to seize over $7.7 million in digital assets tied to North Korean IT workers embedded in blockchain firms.

Meanwhile, the U.S. and South Korea signed a bilateral agreement in 2023 to enhance their technical capabilities in detecting and countering DPRK cyber operations.

North Korean cyber strategies continue to evolve. In April, Lazarus-linked operatives reportedly set up US-based shell companies to distribute malware to crypto developers.

Kraken recently thwarted an infiltration attempt by a suspected North Korean posing as a job candidate.

Scammers are reportedly posing as bank fraud investigators to steal money from unsuspecting victims.

According to WPLG Local 10, the Broward Sheriff’s Office (BSO) in Florida has issued a warning about the scheme and is urging the public to be vigilant amid rising cases of bank-related phone scams.

WPLG reports that the BSO Pompano Beach District has already received more than a dozen complaints from residents who were tricked into handing out thousands of dollars to the scammers.

Deputies say that one victim lost $15,000 to the scheme. A couple was also tricked into giving up their debit cards and personal identification numbers (PINs), resulting in more than $9,000 in fraudulent charges.

The bad actors typically contact their prospective victims, pretending to work for the fraud department of the victim’s bank.

The scammers then claim there are suspicious activities on the victim’s account that require immediate action to protect the funds. They then tell the victims to withdraw large sums of money or hand over their debit cards and PINs.

In some cases, the scammer arranges for an Uber to pick up the money or the debit card, instructing the victim to place the envelope containing these items in the backseat and not speak to the driver.

The police say that legitimate banks will not tell their clients to withdraw money and send it through a ride-share service, nor will they ask to hand over debit cards and PINs to a third party.

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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.

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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.

A scammer pleaded guilty after participating in a scheme that convinced the Internal Revenue Service (IRS) to pay out $10 million in fraudulent refunds.

Brooklyn resident Xerxes Shevar, 57, was part of a prolific international conspiracy ring involving scammers in the United States, Ghana, Nigeria and Ireland, according to the U.S. Attorney’s Office for the Western District of Pennsylvania.

The US Attorney says the conspirators obtained stolen identity info on the internet and then submitted fraudulent federal tax returns under the names of those identities. The alleged scammers also opened bank accounts in those names to receive the returns from the IRS.

One of Shevar’s co-conspirators alleges the scam ring attempted to secure around $38 million from the IRS between the tax years 2010 and 2013 and ended up receiving more than $10 million.

The scammers allegedly used stolen identities to open 3,493 bank accounts and obtain 4,563 credit cards across 443 financial institutions. In all, the scam ring allegedly victimized 11,468 individuals.

Shevar was arrested in February 2024 when he returned to the United States from Ghana. The Brooklyn resident was convicted of wire fraud conspiracy, and US District Judge Susan Paradise Baxter sentenced him earlier this month to three years of probation. The judge also ordered him to pay $290,000 in restitution.

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