Self-proclaimed Michael Jordan of crypto trading scammed 100 investors
- A crypto scammer known as John Michael Caruso was recently charged for scamming over 100 people, including former MLB players.
- According to the federal court in Arizona, Caruso, and his partner, Zachary Salter, tricked investors into giving away $7.5 million.
- Investigators believe that the real amount was much higher, as the two own numerous luxury cars, and have a history of traveling to exotic locations around the world with a rather low reported income.
The crypto space is known for having a lot of potential, but it also doesn’t lack scammers who would be willing to do anything to trick unsuspecting traders and investors and steal their money. According to a recent court filing, a scammer who calls himself Michael Jordan of crypto trading has been charged with tricking over 100 investors out of their money.
The scammer, known as John Michael Caruso, targeted a lot of people, including former professional MLB (Major League Baseball) players, and he managed to steal around $7.5 million before he was caught. In fact, his case received special attention because he targeted the MLB players.
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According to the complaint filed in the federal court of Arizona, Caruso conducted his scamming operation over the course of around 18 months under the name of “Kryp+0 K!ng.” He also acted as a co-founder of a crypto and blockchain investment company called Zima Digital Assets, which he co-founded with Zachary Salter, who was also arrested due to alleged connection to the case.
Both individuals allegedly tricked investors to give their money away, and eventually, their sweet-talking got them into trouble with the law. As far as it is known, the affected MLB players were not identified in the court filing, although it was confirmed that some of them, as well as their families, were among the scammers’ victims. Apart from them, the two also scammed senior citizens who invested hundreds of thousands that were planned for their retirement.
Scammers spent the money on cars, travelling, and lavish lifestyle
While the amount of $7.5m was mentioned as the total that the two managed to scam out of their victims, investigators believe that this is only a tip of the iceberg and that the real stolen amount is much bigger. However, this was all that was confirmed by the investigation, indicating that the two managed to cover their tracks well and hide the majority of the stolen funds.
Another possibility is that he used the money to buy luxury vehicles, including Aston Martin, Rolls Royce, a Lambo, and a Ferrari, which he would not be able to do with his reported income of $22,800, as reported in 2018. Further, he also did quite a bit of travelling living a rich lifestyle, including locations such as Hawaii, London, Cabo San Lucas, and more. He also travelled in a private jet, which is likely also paid for by the scammed investors.