DOJ indicts Australian and Los Angeles residents for allegedly orchestrating $25 million crypto scam

US Department of Justice (DOJ) has charged Australian citizen David Gilbert Saffron and Los Angeles resident Vincent Anthony Mazzotta Jr. with using artificial intelligence encryption trading to plan a $25 million Ponzi scheme.

The indictment alleges that Saffron and Mazzotta conspired to deceive investors through various trading programs, which falsely promised high returns to the cryptocurrency market using artificial intelligence automated trading robots. These two individuals operated under different names such as Circle Society, Bitcoin Wealth Management, Omicron Trust, Mind Capital, and Cloud9Capital, deceiving investors and misappropriating funds for personal expenses such as private planes, luxury hotels, and personal security.