An Ohio investment manager has been sentenced to nine years in prison for running a cryptocurrency Ponzi scheme that raised more than $10 million from investors.
Rathnakishore Giri, 31, of New Albany, Ohio, falsely claimed to be an expert Bitcoin derivatives trader, promising high returns with no risk of losing principal. In reality, he used new investor money to pay off earlier investors.
Giri had a history of trading losses and misled investors when they tried to withdraw funds. Many victims were from the Columbus area.
He pleaded guilty to one count of wire fraud in October 2024 but continued soliciting new funds while out on pretrial release, causing additional losses.
In addition to the nine-year prison term, Giri was ordered to serve three years of supervised release. The FBI's Cincinnati Field Office led the investigation.