RATE Group | Paradise Valley men accused of running cryptocurrency Ponzi scheme
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Paradise Valley men accused of running cryptocurrency Ponzi scheme

06 Feb Paradise Valley men accused of running cryptocurrency Ponzi scheme

Posted at 04:58h in Cryptocurrency News by

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SCOTTSDALE, Ariz. — Two Paradise Valley men have been arrested in connection to an alleged Ponzi scheme the two are accused of operating in the Scottsdale area.

28-year-old John Michael Caruso and 27-year-old Zachary Salter were taken into custody on January 30, 2020, accused of wire fraud and money laundering.

According to the criminal complaint paperwork, Caruso and Salter ran a business called Zima Digital Assets LLC. The private investment firm deals in cryptocurrency investments, something investigators allege never happened.

Caruso and Salter are accused of taking more than $7.5 million from investors while only paying out $1.9 million in returns. 

The rest of the money, according to the complaint, went toward luxury homes, exotic cars and lavish trips to Las Vegas.

Caruso and Salter reportedly never invested any of the money in cryptocurrency. Instead, they would use one investor’s money to pay a return on another…

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