A federal judge sentenced Rathnakishore Giri to nine years for defrauding investors through false Bitcoin trading returns.
A 31-year-old Ohio investment manager received a nine-year prison sentence for running a $10 million Ponzi scheme involving Bitcoin derivatives. Rathnakishore Giri falsely promised guaranteed returns to investors while using new funds to pay earlier participants, a classic Ponzi tactic.
Giri pleaded guilty to wire fraud in October 2024 but continued soliciting victims while on pretrial release. Prosecutors said he misled investors by flaunting luxury assets, including Lamborghinis, a Tesla, and private jet flights, to create the illusion of success.
The scheme unraveled after authorities discovered Giri had not engaged in legitimate trading. He was also ordered to serve three years of supervised release following his prison term.