Cryptocurrency fraudster faces 5 years in prison for selling fake ICOs

A Brooklyn-based businessman turned cryptocurrency huckster faces up to five years in prison for orchestrating two monstrously phony initial coin offerings (ICOs) last year. Maksim Zaslavskiy, a former institutional developer and “businessman,” plead guilty to two counts of conspiracy to commit securities fraud before a New York district court yesterday, reports FinanceFeeds. Zaslavskiy confessed to defrauding “around” 1,000 investors with a cryptocurrency called RECoin, marketed as the first ever cryptocurrency to be backed by real estate. He also sold special Diamond tokens that were supposed to be hedged by physical diamonds. Not only were both claims fake, but so were the tokens. There was…

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