A Colorado man, originally from Pennsylvania, has been sentenced after pleading guilty to stealing millions of dollars in Bitcoin from a Pennsylvania woman.
After pleading guilty to a single count of wire fraud in January, a Philadelphia-area judge sentenced 47-year-old Adam Davis, originally of Coatesville, Pennsylvania, to 33 months in prison and three years of supervised release, as well as about $2.1 million in damages. According to United States Attorney Jacqueline C. Romero, Davis was engaged to help a Bucks County lady manage the $395,000 she had invested, allowing him access to her digital wallets from January 2014 until May 2021.
Texas MAN STALKED AND KILLED COWORKER and HER ROOMMATE Before Setting Fire to Scene
During that time, Davis transferred a total of $2.1 million in cryptocurrency from her account to his and dragged it through multiple other accounts to conceal his crime with the stolen assets, which eventually grew in value to more than $8 million by January 2021.
By the time the victim noticed, Davis had cashed out the stolen cryptocurrency and spent it on personal expenses as well as a new company enterprise.
California THERAPIST Was ARRESTED for MOLESTING AND SEXUALLY ABUSING Disabled Girl
“Whether we’re talking cryptocurrency or cold hard cash, stealing money that doesn’t belong to you is a crime,” Romero, the United States Attorney, said. “Adam Davis took advantage of someone who had come to him for advice, stringing the victim along while draining assets from her accounts. My office and the Secret Service will not hesitate to hold cybercriminals accountable for the laws they have violated and the harm they have caused to their victims” as per KDVR.
The United States Secret Service investigated the case, which was prosecuted by Assistant US Attorney Sarah M. Wolfe. The US Secret Service analysts also played an important role in this case.
