Port St. Louis Capucci, Jr., a resident of the city of Lucie (Florida, USA), was a defendant in a $62 million fraud case on the Justice Department’s website.

According to the agency, the man was the CEO and founder of Mining Capital Coin (MCC). Authorities believe he misled investors about cryptocurrency mining and the company’s investment program.

According to the agency, Capuch and his accomplices convinced customers of high profitability and guaranteed profits when purchasing so-called “mining packages.” He also advertised DAO linked MCC tokens and trading bots.

The Justice Department alleges that Kapuchi used funds received from investors for personal purposes. According to officials, the MCC coin scheme was a financial pyramid where backers and affiliates received rewards to attract new entrants.

Capuchis were charged with money laundering and conspiracy to commit fraud. He faces up to 45 years in prison.

Earlier, the US Securities and Exchange Commission expanded the list of “misleading” companies associated with digital assets. The list is for informational purposes only and does not mean that the companies in the list violate the law.

Recall that in February 2022, a federal grand jury in San Diego accused the founder of BitConnect project Satish Kumbhani of scamming $2.4 billion using a Ponzi scheme.