Vincent Anthony Mazzotta Jr has pleaded guilty to money laundering and conspiracy charges related to a Ponzi scheme that defrauded investors of 13 million USD. The scheme falsely promoted AI-driven trading bots and a fictitious government entity.
He faces a maximum penalty of 15 years in prison pending a judge’s decision on sentencing. The scheme also implicated fake firms, including Mind Capital and Cloud9Capital, which deceived victims.
The Justice Department reports that victims’ funds were misappropriated for extravagant lifestyles, including luxury travel and accommodations. The case continues as other associates contest their involvement.
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