A Michigander is facing 20 wire fraud and money laundering charges for carrying out a crypto investment scam that raked in an average of nearly $15,000 daily.
According to the prosecutors, James Matthew Thomas defrauded approximately $206,000 from his victims within a period of two weeks. The scam was carried out in his home state as well as in New Jersey, per the Missoulian. An indictment filed against him lists the charges as 16 counts of wire fraud and four counts of money laundering.
Per the charges, the investors were defrauded by Thomas in a total of 16 transactions. The funds were moved from the Coinbase crypto exchange accounts of the investors between March 20 and April 4 last year to a checking account belonging to the accused.