Ohio Man Sentenced to Nine Years for $10 Million Crypto Fraud Scheme

A federal court has handed down a nine-year prison sentence to Rathnakishore Giri, a cryptocurrency investor who orchestrated a multi-million dollar scheme targeting investors in Ohio.

Giri's operation raised over $10 million from unsuspecting investors, many of whom were lured by promises of lucrative returns and guaranteed principal. However, investigators found that funds from newer investors were often used to repay earlier participants, a hallmark of a Ponzi scheme.

Despite entering a guilty plea in October 2024, Giri continued to solicit funds from investors while on pretrial release pending sentencing, causing additional harm to new victims.