A German national accused of masterminding a $150 million crypto scam has turned fugitive after failing to appear in court.
Horst Jicha was on trial on charges of securities fraud, wire fraud and money laundering for his alleged involvement in the USI Tech cryptocurrency scheme.
According to CNBC, Jicha is suspected of tampering with the ankle bracelet monitor after noticing that the pre-trial service stopped working. After that, Jicha failed to respond to an email sent to the Pre-Trial Service asking him to visit their office.
More than a day has passed since the Pre-Trial Service informed prosecutors that Jicha's ankle monitor had stopped working, CNBC reported. Following his arraignment, “a very active investigation is underway to arrest him,” said John Marzulli, a spokesman for the Brooklyn U.S. Attorney's Office.
Jicha was held by his domestic partner, his children and three others on a $5 million surety bond, which will be forfeited following the flight.
What was USI Tech?
“USI Tech was charged with operating a multi-level marketing scheme to defraud US investors who were excited about the crypto market,” said New York District Attorney for the Eastern District of New York Brian Peace in a January 2024 statement.
USI Tech is said to be guaranteed returns to investors. In fact, prosecutors argued that the platform was “just a construction facade,” and after questions arose, Jicha fled with more than $150 million in investor funds, most of which was seized in 2015. Bitcoin And Ethereum.
According to CNBC, Jicha was held under house arrest, and forced to surrender all passports and travel documents to authorities as a condition for his release.
Edited by Andrew Hayward.
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