FBI Arrests Manhattan Man Accused Of Defrauding Investors $43 Million In Crypto Trading Ponzi Scheme
The Federal Bureau of Investigation (FBI) arrested a Manhattan man, Idin Dalpour, on Wednesday morning for allegedly orchestrating a sophisticated multi-year Ponzi scheme.
Dalpour, 39, allegedly duped investors out of at least $43 million and faces a maximum sentence of 20 years behind bars, according to an unsealed indictment from the U.S. Attorney’s Office for the Southern District of New York.
Inside the Multi-Year Crypto Ponzi Scheme
On May 1, Damian Williams, the United States Attorney for the Southern District of New York, and James Smith, the Assistant Director in Charge of the New York Field Office of the FBI, charged Idin Dalpour with fraudulent activities that involved deceptive investment opportunities in a fake Las Vegas hospitality business and a cryptocurrency trading operation.
Dalpour enticed investors with promises of lucrative annual returns. “As alleged, Dalpour’s promises were a mirage, and he was running a classic Ponzi scheme by paying investors purported returns with other investors’ money,” Williams stated.
The Manhattan resident also allegedly spent lavishly on himself, spent $1.7 million of investor money to cover his exorbitant personal gambling losses. He also spent customer funds to cover private school tuition for his kids.
The indictment reveals that from 2020 to 2024, Dalpour lured investors into his scheme with falsified contracts and bank statements, and fictitious emails to trick them into believing his claims of partnerships with a Las Vegas hotel and sports stadiums.
As part of the crypto trading scheme, Dalpour claimed that he bought crypto assets wholesale and sold them at a profit to retail investors. As with the Las Vegas hospitality enterprise, investors were deceived that they would get annual returns beginning from 42%. Investors were also led to believe that their investments were safe via purported insurance and escrow arrangements.
James Smith, the assistant director of the FBI, postulated:
“Today’s arrest illustrates the FBI’s dedication to maintaining economic justice and ensuring the actions of one individual are not at the expense of others.”
According to the FBI, Dalpour’s Ponzi scheme unraveled when a group of victims confronted him in November 2023. Dalpour then admitted to the deceit, stating, “What you already have, you have. You can put me in jail now. Like right now.”
Dalpour has been charged with one count of wire fraud, which carries a maximum of 20 years in prison.
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FBI Arrests Manhattan Man Accused Of Defrauding Investors $43 Million In Crypto Trading Ponzi Scheme
The Federal Bureau of Investigation (FBI) arrested a Manhattan man, Idin Dalpour, on Wednesday morning for allegedly orchestrating a sophisticated multi-year Ponzi scheme.
Dalpour, 39, allegedly duped investors out of at least $43 million and faces a maximum sentence of 20 years behind bars, according to an unsealed indictment from the U.S. Attorney’s Office for the Southern District of New York.
Inside the Multi-Year Crypto Ponzi Scheme
On May 1, Damian Williams, the United States Attorney for the Southern District of New York, and James Smith, the Assistant Director in Charge of the New York Field Office of the FBI, charged Idin Dalpour with fraudulent activities that involved deceptive investment opportunities in a fake Las Vegas hospitality business and a cryptocurrency trading operation.
Dalpour enticed investors with promises of lucrative annual returns. “As alleged, Dalpour’s promises were a mirage, and he was running a classic Ponzi scheme by paying investors purported returns with other investors’ money,” Williams stated.
The Manhattan resident also allegedly spent lavishly on himself, spent $1.7 million of investor money to cover his exorbitant personal gambling losses. He also spent customer funds to cover private school tuition for his kids.
The indictment reveals that from 2020 to 2024, Dalpour lured investors into his scheme with falsified contracts and bank statements, and fictitious emails to trick them into believing his claims of partnerships with a Las Vegas hotel and sports stadiums.
As part of the crypto trading scheme, Dalpour claimed that he bought crypto assets wholesale and sold them at a profit to retail investors. As with the Las Vegas hospitality enterprise, investors were deceived that they would get annual returns beginning from 42%. Investors were also led to believe that their investments were safe via purported insurance and escrow arrangements.
James Smith, the assistant director of the FBI, postulated:
“Today’s arrest illustrates the FBI’s dedication to maintaining economic justice and ensuring the actions of one individual are not at the expense of others.”
According to the FBI, Dalpour’s Ponzi scheme unraveled when a group of victims confronted him in November 2023. Dalpour then admitted to the deceit, stating, “What you already have, you have. You can put me in jail now. Like right now.”
Dalpour has been charged with one count of wire fraud, which carries a maximum of 20 years in prison.
Read More