Wire Fraud Indictment
Federal authorities have arrested Idin Dalpour for orchestrating a multi-year crypto Ponzi scheme that defrauded investors of over $43 million.
The Scheme
From 2020 to 2024, Dalpour lured investors through a company called Entity-1. He claimed to be involved in a Las Vegas hospitality venture and a crypto trading operation.
Dalpour promised high returns, starting at 42% interest per year. However, he used new investors’ money to pay off earlier ones, a classic Ponzi scheme tactic.
False Promises
Dalpour fabricated contracts and bank statements to support his claims about the Las Vegas venture. He also claimed to have exclusive deals with a management company and a prominent hotel.
In the crypto trading operation, Dalpour promised to buy cryptocurrency at wholesale prices and sell it for a profit. However, he never used investors’ money for these purposes.
Extravagant Spending
Instead, Dalpour used the money to pay off earlier investors, cover his expenses, including gambling losses, and private school tuition for his children.
Confrontation and Arrest
In November 2023, victims confronted Dalpour about the scheme. He admitted to deceiving them and fabricating documents.
Dalpour now faces charges of wire fraud, which carry a maximum sentence of 20 years in prison.
