Legal Action Against Dwayne Golden
In a significant legal move, U.S. District Judge William F. Kuntz II sentenced 57-year-old Dwayne Golden to nearly eight years in prison—97 months—on June 27 for his involvement in a massive crypto Ponzi scheme that swindled investors out of over $40 million. This case, highlighted by the U.S. Department of Justice, underscores the growing scrutiny of cryptocurrency-related fraud in America.
Details of the Ponzi Scheme
Golden, who pleaded guilty to charges of conspiracy to commit wire fraud and money laundering in September 2024, was part of a larger network that included co-defendants Gregory Aggesen, Marquis Egerton (known as “Mardy Eger”), and William White. Together, they ran three deceitful digital asset firms—EmpowerCoin, ECoinPlus, and Jet-Coin. These companies falsely promised investors guaranteed returns through international cryptocurrency trading; instead, they operated as a classic Ponzi scheme. New investments were simply funneled to pay previous investors or were embezzled for personal gain.
The fraudulent operations lasted from April to August 2017, resulting in significant financial losses for their victims when the platforms were abruptly shut down. In an attempt to evade legal consequences, Golden and his co-conspirators also obstructed federal investigations by destroying evidence and providing false statements to authorities. Between 2017 and 2022, they allegedly conspired to impede a Federal Trade Commission investigation as well as a federal grand jury probe. Notably, White acted on Aggesen’s instructions to submit misleading information to government subpoenas.
Consequences and Restitution Efforts
In addition to his prison sentence, Golden has been ordered to forfeit $2.46 million, with further restitution for victims to be decided later. Co-defendant William White has already received a 30-month prison sentence, while Aggesen and Egerton are still awaiting their fates.
As part of the restoration efforts, victims are encouraged to file restitution claims with the FBI, amidst a broader context of renewed enforcement actions by the Department of Justice related to cryptocurrency scams. Earlier in June, the DOJ moved to recover approximately $225 million linked to pig butchering scams and initiated actions to seize over $7.7 million in cryptocurrency connected to North Korean operatives. Furthermore, a Russian national, linked to a $500 million money laundering scheme, has also been charged.
Increased Law Enforcement Actions
The sustained rise in crypto-related financial crimes appears to have prompted U.S. law enforcement agencies to intensify their efforts in dismantling such fraudulent operations, with a commitment to recovering stolen assets for the affected parties through specialized blockchain tracing techniques and international collaboration.
