cryptocurrency

Travis man pleads guilty to fraud scheme with cryptocurrency – SILive.com


STATEN ISLAND, N.Y. — A Staten Island man admitted his involvement in a fraud scheme using cryptocurrency, prosecutors said.

Patrick McDonnell, of Rawson Place in Travis, plead guilty on Friday to defrauding investors in his company, CabbageTech, by promising he would provide trading advice and purchase and trade virtual currency on their behalf, according to the United States Attorney Eastern District of New York.

Between November 2014 and January 2018, McDonnell defrauded at least 10 victims for a total of $194,000 in U.S. currency, according to prosecutors.

“This office and our law enforcement partners will continue to prosecute those who swindle the investing public to the full extent of the law,” said Richard P. Donoghue, U.S. attorney for the Eastern District of New York.

In June of 2016, McDonnell appeared in a YouTube video wearing an “anonymous” mask on the ‘World Crypto Network’ channel giving a review of his company, prosecutors said.

McDonnell could face a sentence up to 20 years in prison, as well as forfeiture and restitution to his victims, said officials.



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