Brooklyn Court Jails Crypto Scammer for $40M Ponzi Fraud

Brooklyn Court Jails Crypto Scammer for $40M Ponzi Fraud

Dwayne Golden sentenced to 97 months for defrauding investors in EmpowerCoin, ECoinPlus, and Jet-Coin scams as crypto fraud losses top $2.1B in 2025.

Crypto Conspirator Sentenced for Multimillion-Dollar Fraud

A Brooklyn federal judge has sentenced Dwayne Golden, 57, to 97 months in prison for orchestrating a fraudulent cryptocurrency scheme that robbed investors of more than $40 million.

Golden ran the scam through three companies—EmpowerCoin, ECoinPlus, and Jet-Coin—promising astronomical returns on crypto trading that never actually occurred. The Department of Justice (DOJ) announced the sentencing Friday, charging Golden with wire fraud and money laundering.

No Real Trading, Only Empty Promises

Prosecutors revealed that Golden, alongside Gregory Aggesen and Marquis Egerton (also known as Mardy Eger), marketed the companies between April and August 2017 as international cryptocurrency trading platforms. However, no legitimate trading ever took place.

Investor funds were instead recycled in a Ponzi-style structure, with earlier participants paid from new deposits. The rest of the funds were misappropriated for personal gain. The firms collapsed shortly after collecting deposits, leaving investors with devastating losses.

“Golden and his co-defendants offered no legitimate services,” said U.S. Attorney Joseph Nocella. “This was a calculated exploitation of investor excitement around new technology.”

Coverups and False Testimony

After the collapse, Golden and his team attempted to obstruct justice by destroying evidence and misleading federal investigators. Their efforts failed.

Golden will also forfeit approximately $2.46 million in criminal proceeds. His co-defendant William White has already received a 30-month sentence, while Aggesen and Egerton await sentencing.

FBI Assistant Director Christopher Raia called the scheme “an elaborate conspiracy rooted in deceit and false promises,” emphasizing that Golden’s disregard for integrity warranted the sentence.

Victims are encouraged to file claims via the FBI’s dedicated restitution portal.

Crypto Crime Wave Continues in 2025

Golden’s case is not isolated. Earlier this month, five men pleaded guilty in a separate $36.9 million crypto scam tied to a fraud center in Cambodia, which tricked victims through social media and dating apps.

According to CertiK co-founder Ronghui Gu, more than $2.1 billion has already been stolen through crypto-related incidents in 2025, with the majority of losses stemming from wallet hacks and poor key management.