The Inventor Of Blazar Token Is Accused Of Utilizing Investor Money To Renovate A Bathroom
The Inventor Of Blazar Token Is Accused Of Utilizing Investor Money To Renovate A Bathroom: The US Securities and Exchange Commission asserts that gleaming new tile sitting on freshly grouted floors in New Jersey was purchased with money that was wrongfully taken from a scam involving the purchase of stocks and cryptocurrency.
According to the SEC’s lawsuit [PDF], John A. DeSalvo, a former member of the New Jersey State Correctional Police, made stratospheric returns promises, including through a scam involving a crypto asset security that would ostensibly replace conventional state pension plans. The complaint claims that DeSalvo specifically targeted police enforcement and emergency personnel.
Separately, according to the agency, DeSalvo abused and stole investor monies acquired for the Blazar Token, a crypto asset security he launched in November 2021 but ultimately failed in May 2022.
DeSalvo is accused of lying to investors by claiming that Blazar Token was registered with the SEC, that he had set up an automatic paycheck deduction to buy Blazar Token, and that investors would enjoy remarkable profits.
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What is so disturbing about this instance is that DeSalvo leveraged his reputation as a former correctional officer to win the trust of other law enforcement officers, some of whom invested their savings with him, according to Gurbir Grewal, director of the SEC’s Division of Enforcement. I’m happy that the SEC was able to hold DeSalvo responsible for his despicable actions and provide some justice to the heroic first responders he abused.
On Facebook, of course, the DA claimed DeSalvo told prospective investors: “I have been average close to 1,200 percent over the last two years.” I rank in the top one percent of the entire planet. That is the case; individuals are literally throwing money at me to invest because of the tremendous return rates I have been averaging.
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The US Attorney’s Department for the District of New Jersey filed criminal complaints against DeSalvo today in a related move.
However, the SEC’s complaint states that immediately after the investor funds were deposited in DeSalvo’s brokerage account, DeSalvo “lost a substantial portion of the money making risky investments.”
It claims that after doing this, he misappropriated the remaining $78,000, among other things by moving the funds to his private cryptocurrency wallets and using them to write a $10,000 check to a contractor to finish a bathroom remodel.
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The former officer has been charged by the district attorney with wire fraud, which has a maximum potential punishment of 20 years in jail and a $250k fine.
He was also charged with money laundering, which carries a maximum potential sentence of 20 years in prison and a fine of $500,000.
He was also charged with a number of charges of securities fraud, each of which carries a maximum potential sentence of 20 years in prison and a fine of $5 million.
If you had money to spend, would remodeling the bathroom be at the top of your list? Of course, the charges and accusations in the criminal complaint are only accusations until the defendant is proven guilty.