Ethereum
$ 1,063.01 1.57%
Solana
$ 33.01 0.85%
Dogecoin
$ 0.065995 1.94%
ApeCoin
$ 4.58 2.21%
Bitcoin
$ 19,115.04 0.73%
BNB
$ 218.19 0.02%

Crypto scammer “Coyote of Wallstreet” pleads guilty on crypto scam charges

cryptocurrency scammer pleads guilty

Patrick McDonnell, the forty-six (46) years old American has pleaded guilty to scamming one hundred and ninety-four thousand dollars ($194,000) charges in a New York court today. McDonnell, the self-proclaimed coyote of Wall Street confessed in front of the District Judge Nicholas Garaufis.

Bloomberg reports that hailing from New York McDonnell created a coming CabbageTech Corporation in Brooklyn and has been under-trial.

McDonnell used social media and other marketing methods to lure investors boasting about his over fifty-million dollars ($50m) trading portfolio in crypto trading with various investors. These investments were supposedly be used for Bitcoin trading.

Investigators also found him to have a YouTube video, where he explains about virtual currencies and cryptocurrencies wearing the infamous Anonymous mask, originally the Guy Fawkes mask.

Media reports reveal that McDonnell also ran a second company dubbed the Coin Drop Markets and the exact number of investors he claims to have work with is over eight-thousand people.

The coyote of Wallstreet simply lured the customers to use their money for his personal use and gains. He pleaded the same in the U.S federal court today where he clearly stated that, 

…spent it on personal expenses.

McDonnell would now wait for his fate at the hands of the justice department due on the 10th of September. Since he pleaded guilty to the charges his sentences could be twenty-four to thirty (24-30) months long as per his plea agreement.

This is the second time he is convicted for the same charges, wheres, he has also been indicted in a similar case back in 2018 for Coin Drop Markets. Last year, he got away by paying over one million dollars ($1.1m) in fines and reconstitution money.

Aroosa Nadeem

Aroosa Nadeem

A media graduate and passionate media person Aroosa has a knack for digital media journalism and outreach. She has contributed content to different digital media publishers in a variety of areas including technology, health and finance.

Related News

Hot Stories

Dogecoin price analysis: DOGE ends retrace at $0.068, ready to drop further?
“Bitcoin Is Dead” Rant Is Spreading Online. How Did It Begin, And What It Means For Gnox (GNOX), Bitcoin (BTC) And Solana (SOL) Investors
CFTC drags South African to court over $1.7 billion scam
Uniswap price analysis: Bearish candlesticks stretch out on the price chart denoting loss up to $4.84
Bitcoin, Ethereum, eCash, and Klaytn Daily Price Analyses – 2 July Roundup

Follow Us

Industry News

Three Arrows files for Chapter 15 bankruptcy in New York
KuCoin boss denies halting withdrawals
Crypto plunges to its worst in 11 years
CoinFlex CEO announces a shift in withdrawal date
Three Arrows could be liquidated due to the crypto market's bearish streak