San Francisco Man Sentenced For Embezzling $5M In Cash, Cryptocurrencies

San Francisco CA

28 January, 2021

5:37 PM

Description

CBS San Francisco January 28, 2021 SAN JOSE (BCN) – A San Francisco man was sentenced to six months in prison and ordered to pay restitution after admitting to a multi-million-dollar embezzlement of cash and cryptocurrency. Jerry Ji Guo, 33, was sentenced in U.S. District Court in San Jose on Tuesday after pleading guilty to a count of wire fraud in connection with a scheme to defraud clients of more than $5 million, according to the government's sentencing memorandum. The memorandum said that Guo, while serving as a consultant in a cryptocurrency initial coin offering, "directed his clients to deposit money and cryptocurrency into accounts or cryptocurrency wallets … and falsely promised that the cryptocurrency would not be transferred out of the wallets without the clients' knowledge or consent." Read more at CBS San Francisco