The United States charges a Canadian man with orchestrating a fraud scheme involving over $42 million through a crypto investment plan on Discord.
Jinse Finance reported that U.S. prosecutors have charged a Canadian citizen, Nathan Gauvin, with orchestrating a fraudulent scheme that raised over $42 million through false advertising, targeting individual users on the chat application Discord, while claiming to invest the funds in both traditional finance and cryptocurrency sectors. He used most of the money for investor withdrawals, purchasing luxury jewelry, and paying off credit cards, and also falsified information to fintech companies to obtain $800,000 in credit for personal expenses. From May 2022 to October 2024, Gauvin and others lured investors into investing in Gray Digital Capital Management Inc. and its fund, Gray Fund, claiming to offer clients the opportunity to invest in a fund “integrating TradFi and DeFi.” He misrepresented his own qualifications and the company’s asset performance, presented falsified account statements, and once claimed that Gray Fund had a return rate of 4384%. Authorities arrested Gauvin in the UK on Wednesday. It is currently unclear who his private attorney is. The U.S. Securities and Exchange Commission (SEC) has also filed similar securities fraud charges, stating that when regulators began their investigation, Gauvin lied to them and submitted false documents.
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