Скачать или смотреть FBI Busts $43M Crypto and Las Vegas Hospitality Ponzi Scheme

Harvey Hunter

Last updated:

May 2, 2024 07:57 EDT

| 3 min read

The FBI arrested New York resident Idin Dalpour for defrauding investors of $43 million in a multi-year Ponzi scheme that included a Las Vegas hospitality business and crypto trading operation.

On May 1st, the  Federal Bureau of Investigation (FBI), alongside a New York court, charged Dalpour.

According to a press release from the Manhattan District Attorney’s office, Dalpour allegedly lured unsuspecting investors with promises of substantial returns that were nothing more than a facade to conceal a large-scale Ponzi scheme.

The Scheme ran from 2020 through April 2024, targeting investors located in the U.S. and abroad.

Through an entity he controlled, Dalpour solicited investments in fictitious business ventures. These ventures included a Las Vegas hospitality enterprise and a crypto trading enterprise.

How Dalpour Created A Facade.

Dalpour enticed investors with promises of lucrative annual returns starting at 42%. This was reinforced with purported insurance and escrow arrangements to create false security in their investments. US Attorney Damian Williams said:

“Idin Dalpour told investors that they could reap huge returns by investing through him in a purported Las Vegas hospitality business and a crypto trading operation.”

These ludicrous prospects were backed with fabricated contracts, falsified bank statements, and fictitious email correspondence which lulled investors into believing in the viability of the ventures.

As part of the purported Las Vegas hospitality enterprise, Dalpour falsely represented that his “entity” had contracted with a Management Company and a prominent Las Vegas hotel.

Dalpour Allegedly falsified proceeds from entertainment packages for the hotel and visitors to several Las Vegas-based sports stadiums.

In connection with the Las Vegas Ponzi scheme, Dalpour further misrepresented a so-called crypto trading enterprise, which he operated.

As part of the cryptocurrency trading scheme, he claimed that he purchased crypto at wholesale. He then presumably sold it at a profit to retail investors.

In reality, the investor funds were siphoned off to fulfill earlier investors’ returns, with Dalpour pocketing the difference.

In all, he accumulated over $43 million, which he used to finance...

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