Federal prosecutors in New Jersey say John DeSalvo defrauded hundreds of investors out of over $620,000.
When Joel Schwartz let John DeSalvo move into his Atlantic City apartment, the New Jersey attorney figured he was helping a friend get back on his feet.
Following a joint investigation with the U.S. Securities and Exchange Commission, DeSalvo was charged with two counts of wire fraud, two counts of securities fraud, and two counts of money laundering. The Blazar scheme was just one of numerous grifts that proliferated during cryptocurrency’s meteoric pandemic-era riseBut DeSalvo’s was unusual in that it specifically targeted law enforcement officers and first responders, drawing them in with the promise that Blazar’s returns would supplement to their state pension plans.
With the proper time and resources, anyone can start their own cryptocurrency token. And DeSalvo, who began selling Blazar “placeholder tokens” in fall 2021, allegedlyThe only problem was that, at that point, Blazar didn’t exist and was never SEC-approved, prosecutors say.
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