False Promises and Stolen Savings
Thomas John Sfraga, known as “T.J. Stone,” pleaded guilty to wire fraud charges in a Brooklyn court. He admitted to swindling over a dozen victims out of $1.3 million.
Sfraga posed as a successful entrepreneur with experience in real estate, media, and cryptocurrencies. He used this facade to convince victims to invest in fraudulent schemes.
One victim was tricked into lending Sfraga $100,000 for a nonexistent construction project. Instead, Sfraga used the money to pay off debts and cover his own expenses.
Guilty Plea and Consequences
Sfraga pleaded guilty to wire fraud charges and now faces up to 20 years in prison. He must also pay over $1.33 million in restitution to his victims.
Crypto Market Update
Despite Sfraga’s fraudulent activities, the cryptocurrency market has experienced a surge in prices. Bitcoin has regained the $67,000 mark, while Ethereum has risen 5.5% to $3,111. The total cryptocurrency market capitalization has increased by 3%, indicating a renewed bullish sentiment in the industry.
