An Ohio investment manager has been sentenced to nine years in federal prison for orchestrating a $10 million cryptocurrency Ponzi scheme. Rathnakishore Giri, 31, of New Albany, pleaded guilty to wire fraud in October 2024.
Giri promised guaranteed returns through Bitcoin derivatives trading, but instead used money from new investors to pay earlier participants-a classic Ponzi scheme structure. To create the appearance of success, he flaunted a collection of luxury cars, including two Lamborghinis, a Tesla, and an Audi R8, along with high-end watches and private jet travel.
Even while on pretrial release awaiting sentencing, Giri continued soliciting funds from new investors, causing additional harm.
The case underscores a surge in crypto fraud: the FBI reports Americans lost more than $11 billion to crypto-related crimes in 2025, a 22% increase from the previous year.