The man spent more than half of the $9 million to buy luxury cars, private jets, real estate and jewelry.
Smith Collection/Gado/Getty ImagesA West Texas man has been sentenced for stealing millions of dollars from people under the pretense of using the money for a cryptocurrency investment firm.
According to court documents, 27-year-old Abner Tinoco from El Paso solicited money from clients and claimed he would invest their money into funds dealing with cryptocurrency and foreign exchange markets.
Out of approximately $9 million worth of investments deposited into his business accounts, Tinoco spent more than half on personal expenses including luxury cars, private jets, real estate and jewelry, investigators said, adding Tinoco furthered the deception by providing some of the funds back to his clients as profits.
He was sentenced in a federal court in El Paso to 7 years in prison for wire fraud.
The Commodities Futures Trading Commission, a U.S. government agency that regulates the country’s market for stocks, bonds and other assets, also imposed a ban on Tinoco and his business relating to future trading activities.
A restitution hearing is scheduled to be held in 2024.
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