AirBit Club Fraudsters Face Justice: Landmark Sentences Delivered
The United States District Court for the Southern District of New York has taken decisive action against individuals linked to the crypto Ponzi scheme, AirBit Club.
Key players, including Scott Hughes, Cecilia Millan, and Karina Chairez, have been sentenced for their roles in this international fraud and money laundering ring.
The recent court proceedings represent a significant milestone in the pursuit of justice against the perpetrators of one of the cryptocurrency industry’s most audacious scams.
The AirBit Club scheme, launched in late 2015, posed as a legitimate cryptocurrency mining and trading company, employing a multi-level marketing approach to attract investors with the promise of guaranteed daily returns on cryptocurrency investments.
However, instead of fulfilling these promises, the scheme’s founders diverted approximately $100 million of investors’ money for their gain. Victims who attempted to withdraw funds from the platform often encountered excuses, delays, and hidden fees, leaving them with substantial losses.
Scott Hughes, an attorney involved in laundering approximately $18 million of AirBit Club’s ill-gotten gains, received an 18-month prison sentence. Cecilia Millan, a senior-level AirBit Club promoter, got a five-year prison term, while Karina Chairez, another senior-level promoter, was sentenced to one year and one day behind bars.
In addition to their prison sentences, Hughes, Millan, and Chairez were each sentenced to three years of supervised release. These verdicts send a strong message that cryptocurrency investment scams, particularly those engaged in large-scale fraud, will face severe consequences.
Meanwhile, the recent judgment follows the latest imprisonment of AirBit Club co-founder Pablo Renato Rodriguez, who received a 12-year jail sentence in late September 2023. In addition, Gutemberg Dos Santos, another co-founder who has pleaded guilty to multiple charges, is set to be sentenced on October 4, 2023.
As the last of the six individuals connected to AirBit Club to face sentencing, Dos Santos’s case signifies the final chapter in holding those responsible for this extensive cryptocurrency fraud accountable. Notably, Jackie Aguilar, who also pleaded guilty earlier this year, tragically passed away before sentencing.
The sentencing of key individuals involved in the AirBit Club Ponzi scheme signifies a significant victory in the ongoing battle against crypto-related fraud.