Dropil founders Jeremy McAlpine and Zachary Matar were jailed for fraud. As in every sector, malicious people find a place for themselves in the crypto money sector. Playing an important role in the growth of the cryptocurrency industry, ICOs appeared as a door of opportunity for scammers. However, at this door, things did not work out as the bad guys wanted. Dropil founders, whose fraud was exposed, were sentenced to prison.
Dropil founders Jeremy McAlpine and Zachary Matar were found guilty of defrauding investors for $1.9 million last August. After this trial, they were sentenced to 3 years and 2.5 years in prison, respectively.
Dropil Founders Fool Investors
McAlpine and Matar founded the crypto company Dropil, which was founded in Belize but operates in the Fountain Valley during the ICO craze of 2017. Then they released an altcoin called DROP.
Claiming Dropil is an investment management service and trading program, the founders promised access to an automated trading bot called “Dex” and said it would yield up to 63 percent annual returns.
According to the court, McAlpine, Matar and Dropil did not register DROP with the Securities and Exchange Commission (SEC) and made a false statement to investors, claiming that Dex would deliver 24-63 percent annual returns.
5657
