Colorado man sentenced for stealing millions in cryptocurrency from PA woman

(WJET/WFXP) — A Colorado man initially from Pennsylvania has been sentenced after pleading responsible to stealing hundreds of thousands of {dollars} in cryptocurrency from a Pennsylvania girl.

A Philadelphia-area decide sentenced 47-year-old Adam Davis, initially of Coatesville, PA, to 33 months in jail adopted by three years of supervised launch and should pay roughly $2.1 million in damages after pleading responsible to a single depend of wire fraud in January.

In accordance with United States Lawyer Jacqueline C. Romero, Davis was employed to help a Bucks County girl in managing the $395,000 she had invested, giving him entry to her digital wallets between January 2014 and Could 2021.

Throughout that point, Davis transferred a complete of $2.1 million in crypto from her account to his and dragged it via quite a few different accounts to cowl up his theft with the belongings he stole — ultimately appreciating in worth to greater than $8 million in January 2021.

By the point the sufferer had seen, Davis had already cashed out the crypto he had stolen and spent it on private bills together with a brand new enterprise enterprise.

“Whether or not we’re speaking cryptocurrency or chilly onerous money, stealing cash that doesn’t belong to you is against the law,” stated U.S. Lawyer Romero. “Adam Davis took benefit of somebody who’d turned to him for steering, stringing the sufferer alongside as he drained belongings from her accounts. My workplace and the Secret Service gained’t hesitate to carry cybercriminals accountable for the legal guidelines they’ve damaged and the hurt they’ve induced their victims.”

The case was investigated by the USA Secret Service and prosecuted by Assistant United States Lawyer Sarah M. Wolfe. US Secret Service analysts additionally performed a major function on this case.