The FBI has arrested Edin Dalpour, a Manhattan man accused of orchestrating a $43 million Ponzi scheme involving a fake Las Vegas hospitality business and cryptocurrency trading operation.
“For nearly four years, Edin Dalpour used false promises of high returns to lure victims into investing in hospitality and cryptocurrency business ventures, but in reality used these payments to satisfy other debts or personal expenses,” FBI Assistant Director of Prosecutions James Smith said in a press release. . “The defrauding of millions of investors undermines the trust of clients and the credibility of prospective advisors, both of which are critical to the success of the investment market.”
Dalpur's company, Maxben Group, mentioned real estate, hospitality, entertainment venues and professional sports teams—but it didn't seem to mention crypto trading. Instead, it was conducted by a separate business, the FBI said.
“Dalpur falsely represented to investors that it purchased wholesale cryptocurrency and sold the cryptocurrency to retail investors at a profit,” prosecutors wrote in the lawsuit. “Like any Las Vegas hospitality enterprise, Dalpur promised investors an annual income and that their money was guaranteed. These statements were false.”
The Manhattan resident reportedly spent $1.7 million in investor money to cover his personal gambling losses, more than $400,000 in art direct and his children's private school fees.
Dalpur, 39, faces one count of wire fraud, which could carry up to 20 years in prison if convicted.
The indictment alleges that from 2020 to 2024, Dalpur bilked investors through phony contracts and false financial statements, including claims of a partnership with a Las Vegas hotel and sports stadium. Dalpur admitted to defrauding investors, the FBI said.
This is not the first time that Dalpur has been accused of dealings with the Maxbein Group.
Last month, two lenders They filed a breach of contract complaint against Dalpur and the company for defaulting on a $2.5 million loan due in 2023. And in September 2023, three investors filed suit alleging he defrauded them and breached contracts after investing a total of $5 million in the company over several years.
The 2023 lawsuit, on behalf of the three Dalpur investors, said: “This case is about the abuse of a deep trust. “It started as a business relationship, he developed friendships with all three men, and eventually found himself in such a trust that Mr. Salem, Mr. Russ and Mr. Schroeder spent more than 5 million dollars of theirs and their investors' money into Mr. Dalpur's businesses.
Editor's Note: This article was written with the help of AI. Edited and fact-checked by Stacy Elliott.
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