Ohio Man Sentenced to 9 Years for $10 Million Crypto Ponzi Scheme

An Ohio man has been sentenced to nine years in federal prison for orchestrating a cryptocurrency Ponzi scheme that defrauded hundreds of investors out of more than $10 million. Rathnakishore Ravi Giri, 31, of New Albany, pleaded guilty to one count of wire fraud in October 2024 and was also sentenced to three years of supervised release.

According to prosecutors, Giri presented himself as an experienced trader specializing in Bitcoin derivatives, promising investors high returns with no risk to their principal. He claimed their funds would be used for cryptocurrency trading. Instead, authorities said Giri used money from new investors to pay earlier ones and to fund his personal lifestyle, a hallmark of a Ponzi scheme. The operation, which began as early as 2019, attracted investors primarily from the Columbus, Ohio area through personal referrals and claims of trading expertise.

Court records indicate Giri displayed signs of wealth, including luxury cars and travel, to bolster his credibility. When investors sought to withdraw funds, prosecutors said he employed delay tactics and provided misleading explanations for missed payments. Authorities noted that Giri continued to...