US District Choose Alvin Hellerstein has handed Nicholas Truglia a 12-year jail time period after the convicted crypto scammer did not repay Michael Terpin, CEO of Rework Group.
The ruling, in line with a July 11 report by Bloomberg, got here after Truglia ignored a court docket order to return over $20 million he took in a 2018 scheme.
Truglia was first sentenced in 2022 and obtained an 18-month jail time period, adopted by three years of supervised launch, together with an settlement to repay the stolen funds.
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On the time, he claimed he was keen and capable of repay the total quantity, with proof displaying he held property valued at greater than $61 million. Nevertheless, court docket paperwork reveal he by no means despatched any compensation and actively averted efforts to gather the cash.
In his order filed July 2, Choose Hellerstein wrote, “Mr. Truglia demonstrated a willingness to repay his sufferer the complete quantity stolen. Regardless of proof on the authentic sentencing that he owned property value $61,830,828.10, effectively above the imposed restitution obligations <…> he made no restitution funds”.
Prosecutors said that Truglia’s refusal to pay and his makes an attempt to evade enforcement efforts justified the harsher punishment.
The theft dates again to a SIM-swapping assault on Terpin’s telephone quantity. By convincing cell provider employees to switch the quantity to a SIM card he managed, Truglia was capable of intercept one-time safety codes and entry Terpin’s cryptocurrency accounts.
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