Kofi Mensah Certainly. Below is the paraphrased and complete text:
The U.S. judicial system has meted out a three-year incarceration sentence to a person implicated in a plot to swindle owners of cryptocurrencies. Additionally, the court mandated that the individual reimburse the sum of $2,816,433 to a total of 11 victims who fell prey to his SIM swap fraud plot.
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The Scheme of SIM Swap Fraud
An individual, identified as Anthony Francis Faulk, has been sentenced by a U.S. District Court to 36 months of confinement for his role in a collusion to deceive cryptocurrency holders. A press release dated Aug. 18 by the U.S. Attorney’s office detailed that Faulk was further directed to compensate $2,816,433 to the 11 victims ensnared in the fraudulent scheme involving SIM swapping.
In accordance with the information released on Dec. 10, 2019, by a U.S. federal grand jury, Faulk’s conspiracy to engage in wire fraud was found to infringe 18 U.S.C. § 1349. The grand jury also ascertained that Faulk’s trans-state communications with the intention of extortion transgressed 18 U.S.C. § 875(d). However, the charge of extortion was subsequently annulled by U.S. District Judge William H. Orrick.
Forfeiture of Assets Valued at Approximately $20 Million
Within Faulk’s written plea agreement, he conceded to devising a scheme to deceive and extort owners of cryptocurrency. The orchestration of this scheme, active between October 2016 and May 2018, entailed manipulating mobile phone operators to enable Faulk and his associates Matthew Ditman and Ahmad Hared to assume control of their victims’ phone numbers. This control was then exploited to infiltrate and pilfer the victims’ digital financial assets.
Post the successful depletion of these funds, Faulk, in conjunction with his associates, allegedly sought to blackmail more money from their victims, menacing them with the risk of additional breaches in their accounts.
Subsequent to the pronouncement of the three-year sentence and the mandated restitution, the court further commanded the confiscation of assets regarded as either “constituting or derived from gains procured through Faulk’s criminal acts.” Among the forfeited assets are a residence in Latrobe, Pennsylvania, evaluated at close to $1 million, three banking accounts with JPMorgan Chase harboring in excess of $18.7 million, and three motorized vehicles.
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Frequently Asked Questions (FAQs) about SIM swap fraud
What was Anthony Francis Faulk sentenced for?
Anthony Francis Faulk was sentenced to 36 months in prison by a U.S. District Court for his involvement in a conspiracy to defraud cryptocurrency owners through a SIM swap fraud scheme. He was also ordered to pay $2,816,433 in restitution to 11 victims.
Who were Faulk’s accomplices in the SIM swap fraud scheme?
Faulk’s accomplices in the fraudulent scheme were Matthew Ditman and Ahmad Hared. They collaborated in tricking mobile phone operators to gain control of victims’ phone numbers and then used this control to steal their digital assets.
What was the time frame of the fraudulent activities?
The scheme was executed between October 2016 and May 2018, during which Faulk and his associates manipulated control of their victims’ phone numbers to hack and steal their digital assets.
What assets were forfeited as part of the judgment?
The court ordered the forfeiture of assets constituting or derived from proceeds obtained by Faulk’s crime. This included a home in Latrobe, Pennsylvania, valued at nearly $1 million, three JPMorgan Chase accounts holding more than $18.7 million, and three motor vehicles.
Were any charges dismissed against Faulk?
Yes, the charge related to Faulk’s interstate communications with the intent to extort, in violation of 18 U.S.C. § 875(d), was dismissed by U.S. District Judge William H. Orrick.
5 comments
Wow, 2.8 million in restitution. Hope those 11 victims get their money back. i worry about keeping my crypto safe.
This is crazy, didn’t even know SIM swap was a thing. Stay safe out there guys!
what’s the world coming to. Can’t even trust ur phone company these days, who else is involved in this?
Asset forfeiture’s intresting. Nearly 20M! The court’s really cracking down on these criminals.
3 years only? He stole millions, shud have got more time. Justice system’s failing us again…