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A Pennsylvania man, Dwayne Golden, has been sentenced to 97 months in prison for his involvement in a $40 million cryptocurrency Ponzi scheme. Operating between April and August 2017, Golden and his co-conspirators defrauded investors through fraudulent digital asset firms, promising high returns that never materialized. The U.S. Department of Justice continues its aggressive enforcement against crypto-related financial crimes.
Mastermind Behind the Multi-Million Dollar Crypto Fraud
Dwayne Golden, 57, received a 97-month (over 8-year) prison sentence from U.S. District Judge William F. Kuntz II in Brooklyn federal court on June 27. Golden had previously pleaded guilty in September 2024 to conspiracy to commit wire fraud and money laundering. He was also ordered to forfeit $2.46 million, with further restitution details pending.
The Deceptive Operations
Golden, alongside co-defendants Gregory Aggesen, Marquis Egerton (also known as “Mardy Eger”), and William White, ran three fraudulent digital asset companies:
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EmpowerCoin
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ECoinPlus
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Jet-Coin
These entities lured investors with promises of guaranteed returns from overseas crypto trading. However, prosecutors revealed that the operations were classic Ponzi schemes, using funds from new investors to pay off earlier ones or to enrich the perpetrators. The scheme abruptly ended between April and August 2017, leaving investors with significant losses as the operators vanished with the funds.
Obstruction and Accountability
Beyond the initial fraud, Golden and his associates actively tried to impede federal investigations. They destroyed evidence and provided false information to authorities. Specifically, between 2017 and 2022, Golden, Aggesen, and White conspired to obstruct a Federal Trade Commission probe and a federal grand jury investigation. William White, acting on Aggesen’s behalf, reportedly provided misleading statements in response to official subpoenas.
Key Takeaways
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Dwayne Golden received a 97-month prison sentence for his role in a $40 million crypto Ponzi scheme.
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The scheme involved three fraudulent companies: EmpowerCoin, ECoinPlus, and Jet-Coin.
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Golden and his co-conspirators also attempted to obstruct federal investigations.
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Co-defendant William White has been sentenced to 30 months, while Gregory Aggesen and Marquis Egerton await sentencing.
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The DOJ is intensifying its efforts against crypto-related financial crimes, with several recent enforcement actions.
Ongoing Enforcement and Victim Recovery
Golden’s sentencing is part of a broader crackdown by the DOJ on cryptocurrency-related crimes. In June alone, the agency has taken significant actions, including:
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Seizing over $225 million in cryptocurrency linked to pig butchering scams.
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Filing a forfeiture action to seize over $7.7 million in crypto tied to North Korean operatives.
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Charging a Russian national and founder of a crypto payments firm for operating a $500 million money laundering scheme.
U.S. officials have reiterated their commitment to aggressive enforcement, aiming to dismantle fraudulent operations and recover stolen assets for victims through international cooperation and advanced blockchain tracing techniques. Victims of the scheme are encouraged to submit restitution claims to the FBI.
Sources
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DOJ hands 97-month sentence to crypto scammer for $40m Ponzi scheme, Crypto News.
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Pennsylvania Man Sentenced to 8 Years for $40M Crypto Ponzi Scheme, Cryptodnes.bg.
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