Yes, yes, yes, this cryptocurrency crook just isn’t laughing now.
A New York man defrauded friends, neighbors and investors out of greater than $1.3 million by, amongst other things, getting them to take a position in fake real estate projects involving an organization named after a joke on the town became classic TV comedy “Seinfeld”, and a fictitious cryptocurrency, federal prosecutors said Friday.
Thomas John Sfraga, 55, “presented himself as the owner and manager of several companies, including Vandelay Contracting Corp.,” from 2019 to 2022. and Build Strong Homes LLC,” the U.S. Attorney’s Office in Brooklyn said in an announcement.
“In the TV show 'Seinfeld,' the character is George [Costanza] falsely claimed to have interviewed for a position at the fictional company Vandelay Industries,” the office noted. As a result, the ever-unhappy Costanza claims he is looking for a job as a latex salesman.
Sfraga, who adopted the crypto persona “TJ Stone,” presented himself as a serial entrepreneur with experience in real estate development, media relations, podcasting and cryptocurrencies, prosecutors said, including as a host or moderator of cryptocurrency events in New York.
Prosecutors said Sfraga promised victims a return on investment of up to 60% in three months, but in reality used the money for his own benefit “to pay expenses and repay previous victims and business associates.”
Sfraga, who lives in Brooklyn, pleaded guilty Thursday in federal court in Brooklyn to wire fraud, prosecutors said.
He faces a maximum sentence of 20 years in prison and is also ordered to pay more than $1.3 million in restitution.
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