Brooklyn Podcaster Sentenced for Multi-Million Dollar Crypto Fraud
A Brooklyn-based podcaster and crypto personality, Thomas John Sfraga, also known as "TJ Stone," was sentenced to 45 months in prison for committing wire fraud in connection with fraudulent cryptocurrency and real estate schemes.
In addition to his prison sentence, the court ordered Sfraga to forfeit $1,337,700, as stated in a release from the U.S. Department of Justice on Friday.
Sfraga deceived at least 17 victims, convincing them to invest in fake construction and renovation projects that never materialized. He also lured one victim into a non-existent cryptocurrency digital wallet, promising unrealistic returns of up to 60% within three months.
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The funds he collected were used to repay earlier victims, as well as for his personal expenses. The total amount defrauded in these schemes reached approximately $2 million.
Furthermore, Sfraga fabricated several business ventures, including a fake company named “Vandelay Contracting Corp,” a clear reference to the fictional “Vandelay Industries” from the TV show Seinfeld. U.S. Attorney John J. Durham condemned Sfraga’s actions, noting that the fraud impacted people he knew personally, including neighbors and friends, causing significant financial and emotional distress.
Alexander Stefanov
Reporter at CoinsPress
Alex is an experienced finance journalist and a cryptocurrency and blockchain enthusiast. With over five years of experience covering the industry, he deeply understands the complex and constantly evolving world of digital assets. His insightful and thought-provoking articles provide readers with a clear picture of the latest developments and trends in the market. His passionate approach allows him to break down complex ideas into accessible and insightful content. Follow up on his content to be up to date with the most important trends and topics - stay ahead of the curve with CoinsPress.
