FBI Exposes $43M Crypto and Las Vegas Ponzi Scheme

Recently, a New York resident was arrested by the Federal Bureau of Investigation (FBI) for allegedly running a complex Ponzi scheme. He is accused of defrauding investors of $43 million over several years. Damian Williams, U.S. Attorney for the Southern District of New York, and James Smith, Assistant Director in Charge of the New York Field Office of the FBI, announced the charges against Idin Dalpour. They claim he misled investors with deceptive schemes related to a Las Vegas hospitality venture and a cryptocurrency trading operation.

Dalpour reportedly attracted investors with promises of high returns, hiding his true intentions behind a facade of legitimacy. According to the FBI's indictment, he used a controlled entity to solicit investments, falsely claiming involvement in the hospitality and cryptocurrency sectors. He pretended to buy digital assets at low prices and sell them to retail investors for profit.

Potential investors were convinced by promises of 42% annual returns and assurances of security through supposed insurance and escrow measures. However, investigations showed Dalpour had been creating fake contracts, bank records, and email exchanges to maintain a false sense of legitimacy.

Instead of using the funds as promised, Dalpour allegedly redirected them to pay off earlier investors, cover personal expenses like gambling losses, and pay for his children's private school tuition.

James Smith, the FBI's Assistant Director, emphasized the agency's commitment to economic justice, saying, "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."

The unraveling of Dalpour's fraudulent activities began when a group of victims confronted him in November 2023. He later admitted to his wrongdoing and accepted the seriousness of his actions, expressing readiness for the consequences.

This arrest is part of a larger crackdown on Ponzi schemes involving cryptocurrency. In March last year, the U.S. Securities and Exchange Commission (SEC) shut down a $300 million Ponzi scheme disguised as a crypto trading platform called CryptoFX. Similarly, in March, a New York jury found two people guilty of promoting a fake crypto mining and trading venture named IcomTech. Most recently, Irina Dilkinska, the former head of legal and compliance for the multibillion-dollar OneCoin fraud scheme, was sentenced to four years in jail after admitting her role in laundering millions of dollars.