Federal Court Sentences Sze Man Yu Inos for Bitcoin Fraud
A federal court in the United States has handed down a 71-month prison sentence to Sze Man Yu Inos, known as “Yuki,” following her conviction for committing fraud involving bitcoin. The fraudulent activities, which spanned from November 2020 to January 2022, specifically targeted elderly women in Saipan and Guam. Inos, aged 30, was found guilty of wire fraud, as confirmed in a press release by the U.S. Department of Justice earlier this week.
Details of the Fraudulent Scheme
The prosecution revealed that Inos built a facade of trust with her victims, often claiming to come from an affluent Chinese background and boasting about her successful investments in bitcoin. Utilizing emotional appeals, she would refer to her victims as if they were maternal figures to her, making pleas for them to invest in her supposed bitcoin ventures under false pretenses.
Consequences and Restitution
Alongside her imprisonment, the court ordered Inos to compensate her victims a total of $769,355 in restitution. Additionally, a personal money judgment for criminal forfeiture of $684,848 was levied against her, along with a mandatory special assessment fee of $200.
Comments from U.S. Attorney
U.S. Attorney Anderson characterized Inos’ actions as a case of affinity fraud, where criminals exploit personal connections to deceive their victims. Anderson remarked,
“Criminals engaged in affinity fraud prey on our willingness to trust others.”
Broader Implications of Cryptocurrency Fraud
Beyond her initial victims, authorities noted that Inos expanded her fraudulent scheme to encompass individuals in Washington and California, continuing her malicious activities even while legal proceedings were active against her. This case underscores the ongoing crisis of cryptocurrency-related fraud, which reached alarming levels last year; the FBI reported an unprecedented $11.3 billion in losses attributed to crypto fraud, comprising over half of the total $20.9 billion lost to internet crimes in 2022.
