Esteban Cabrera Da Corte, a 27-year-old Miami resident who oversaw an extensive crypto fraud operation, was sentenced yesterday to 63 months in federal prison. He pled guilty earlier this year to charges stemming from a conspiracy from 2020 to early 2021 in which he illegally obtained crypto coins and then tricked banks into undoing the transactions.
Crypto scammer lands 5-year sentence – Fate sealed
Esteban Cabrera Da Corte pled guilty in April to participating in the 2020 plot to steal millions of dollars in crypto and fool US banks into refunding it. The 27-year-old Miami resident was also forced to pay roughly $3.6 million in reparations and $1.2 million in forfeiture.
The punishment, handed down by New York District Court Judge Katherine Polk Failla, also included orders for Da Corte to pay nearly $3.6 million in restitution and forfeit $1.2 million gained illegally. U.S. Attorney Damian Williams said:
Esteban Cabrera Da Corte orchestrated a scheme to steal millions of dollars by buying cryptocurrency using false and stolen identities, then deceiving U.S. banks regarding those transactions. Cabrera Da Corte now faces years in prison for this crime.
This sentencing should send a clear message that we, together with our law enforcement partners, will continue to zealously prosecute cryptocurrency scammers and money launderers.
U.S. Attorney Damian Williams
According to prosecutors, Da Corte and others used forged passports, licenses, and stolen identity information to register many accounts on a prominent crypto exchange. The accounts were linked to the group’s bank accounts and funded by a series of cash ATM deposits.
Over $4 million in bitcoin was purchased, immediately transferred out of the exchange, and then reversed through false assertions to banks that the purchases were unauthorized. The scheme resulted in over $4 million in illicit bank transaction reversals and over $3.5 million in crypto losses for the trading platform.
The arrests made headlines after the high-profile collapse of crypto company Terra, which prompted US politicians to call for a crackdown on rogue actors in the field.
Singapore Boldly tackles $15m money-laundering case amid global push
Oversea-Chinese Banking Corp. (OCBC) has launched legal actions to recoup losses in Singapore’s most serious money laundering case. The lender, Southeast Asia’s second-largest bank, has filed a claim against Su Baolin, one of the primary suspects, ushering in a new chapter in the search for justice.
Meanwhile, this is the first case in Singapore of a financial institution actively pursuing reparation in the wake of the devastating findings.
According to Bloomberg, Singapore, a global financial hub, has been rocked by the aftermath of its greatest money laundering case, with OCBC spearheading the judicial drive. Meanwhile, the bank recently filed a claim against Su Baolin, a Cambodian passport holder, for S$19.7 million (roughly $14.7 million). Notably, legal documents show that this sum is primarily associated with a house mortgage.
Meanwhile, OCBC made an unusual move by requesting a court order to seize control of a property now under construction in Sentosa Cove, an expensive residential district in Singapore. Notably, Su, one of ten Chinese-born people seized in August, faces forgery and money laundering allegations.
Furthermore, the lender has demanded repayment of S$19.5 million in housing loans, including accumulated interest, as well as S$220,570 in credit card debt.
According to the publication, OCBC is remaining tight-lipped about the case, and an affidavit revealed fruitless attempts to serve Su, who has been in detention since his arrest on August 15.
Notably, the judicial processes add a degree of complication to an already complex case, raising questions about the extent to which financial institutions are involved in the pursuit of justice.
