Global investment fraud scheme that took the crypto world by storm!
Mining Capital Coin is a platform for cryptocurrency mining and investment. Luiz Capuci Jr., the CEO of Mining Capital Coin, has been accused of executing a financial fraud that has engulfed the worldwide cryptocurrency landscape. The fraudulent plan is said to have cost $62 million in total.
Another scam that shook the globe!
Capuci has sold mining packages to about 65,000 investors since at least January 2018, according to US Securities and Exchange Commission sources. For up to a year, the group promised at least 1% returns. However, the CEO has been indicted for organising a $62 million global investment fraud conspiracy, according to a statement from advisory group known as the United States Department of Justice (DOJ).
Capuci and his unknown co-conspirators, according to the DOJ, defrauded investors by misrepresenting the profit-bearing potential of MCC mining packages and a native coin known as Capital Coin, which was backed by the “world’s largest cryptocurrency mining operation.”
Fundamentally, Capuci engaged in a deceptive investment scam, diverting client monies to bitcoin wallets under his control rather than mining fresh cryptocurrency as promised.
As I quote Robert Rice “Crime is a logical extension of the sort of behaviour that is often considered perfectly responsible in legitimate business.”
Capuci in his course of business has been alleged of committing another fraud that only adds up to his previous one. In this case, Capuci is accused of marketing dubious MCC Trading Bots.
The DOJ’s Statement:
According to the DOJ, Capuci engaged in another investment fraud scheme involving trading bots, but instead of making money for investors, he diverted funds to himself and co-conspirators.
The SEC’s Statement :
According to the US Securities and Exchange Commission, Capuci, Co-founder Emerson Pires and two entities controlled by Capuci in CPTL Corp. and Bitchain Exhanges, sold mining packages to 65,535 investors worldwide and promised daily returns of at least 1%, paid weekly over the course of the year. They also claimed that investors were promised Bitcoin profits at first. The name was later changed to MCC’s Capital Coin, which could only be redeemed on Bitchain, a “fake crypto asset trading website, Capuci established and operated.”
If the information is to be believed Capuci also promised a range of gifts such as Apple watches, luxury vehicles such as Ferari, Lamborghini to lure the investors to invest in the scheme.
After critically analyzing the statements, it would be safe to assume that Capuci and his Co-conspirators will face heavy consequences if found guilty.