Idin Dalpur is charged with wire fraud in connection with a multi-year Ponzi scheme that defrauded investors of more than $43 million, according to an undisclosed indictment from the U.S. Attorney's Office for the Southern District of New York.
Dalpur was arrested yesterday morning and is scheduled to appear before Federal Judge Barbara Moses in Manhattan federal court later that day.
“Idin Dalpur told investors that they would receive significant profits if they invested through him in a business he purported to be a hospitality business in Las Vegas and a cryptocurrency trading business,” said SDNY U.S. Attorney Damian Williams. Told.
He added: “As alleged, Mr. Dalpur's promises were a mirage and he was carrying out a classic Ponzi scheme in which investors were paid purported returns using other investors' funds.” It added: “Instead of using investors' funds as promised, Mr. Dalpur spent it lavishly on himself.” That includes accumulating about $1.7 million in gambling losses to pay for his children's private school tuition, and he is now facing federal criminal charges for his alleged crimes due to Dalpur's gambling. There is. ”
Dalpur allegedly operated a Ponzi scheme targeting investors in the United States and abroad from approximately 2022 until April of this year. Instead of using investor funds as alleged, he misappropriated funds and used contributions from later investors to support early investors in a Las Vegas hospitality company and cryptocurrency trading business. He is said to have paid.
Around November last year, Dalpur reportedly confronted a group of apparent victims of a Ponzi scheme and said, “What you already have, you have, so put me in jail right now.'' “It's fine, just like it is now.”
Dalpur faces up to 20 years in prison on the wire fraud charge.
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