A former promoter of crypto related investment schemes has been estimated and sentenced to jail time by a US District Court judge in a federal court in Brooklyn, NY. John Mayer was ordered to serve 60 months in prison and to forfeit U.S. dollars $3.5 million to pay back in July 2021.
DeMarr pleaded guilty to one count of conspiracy to commit securities fraud in connection with allegations that he fraud investors in a couple of crypto companies based on material also in the misleading information and representations. In such cases, the company’s plans to engage in a crypto mining and trafficking and trading in certain systems, and it was just called on the scene. In reality, the funds were never invested in, instead diverted to accounts controlled by DeMar and others; used for various personal expenditures, including the purchase of a Porsche jewelry and remodeling of Demars home in California.
Along with the criminal charges in 2021, the US Securities and Exchange Commission SEC also charged DeMar and two others, alleging that retail investors were duped out of more than U.S. dollars. Eleven million through a pair of. Fruitless and unregistered digital asset securities offenses conclude. The offerings allegedly used paid promotions, celebrity testimonials and fake endorsements to lure investors to capture.
Demarr and others also created the press releases and white papers about B2G and fabricated B2G account statements and references and reviews to allow investors to withdraw their money from their account.
DeMar sentenced to such six months and 60 days, DeMar took advantage of those who trusted him, persuading them. To double down on their investments when he knew that his cryptocurrency companies and their dubious celebrity endorsements were scams, being used to fund his lavish lifestyle.
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