According to ChainCatcher news reported by Cryptonews, two London residents have been sentenced to over ten years in prison for defrauding dozens of investors out of more than $2 million in a two-year Crypto Assets eyewash. According to a press release from the UK Financial Conduct Authority (FCA), Raymondip Bedi and Patrick Mavanga were each sentenced to over five and six years in prison, respectively.
Bedi and Mavanga cold-called consumers to promote false high-return Crypto Assets investment opportunities, which were actually eyewash set up for their personal financial gain. FCA’s Joint Executive Director Steve Smart stated that these criminals need to understand that crime comes with a cost, and they will seek to make the criminals pay for it.
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