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Mining Capital Coin CEO Indicted for Allegedly Running a Cryptocurrency Pyramid Scheme

Cory Russell

May 09, 2022 10:02


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MCC stands for Mining Capital Coin and is a cryptocurrency mining and investing platform. According to the DOJ news release, Capuci, who is from Port St. Lucie, Florida, allegedly deceived investors by offering "Mining Packages" that promised high profits from mining new cryptocurrencies in MCC's "international network of crypto mining computers."

 

Capuci marketed mining packages to more than 65,000 investors since at least January 2018, according to a US Securities and Exchange Commission lawsuit filed last month. According to the SEC news release, the organization offered daily returns of 1% for up to a year.


Capuci, according to the DOJ, moved the monies to his personal bitcoin accounts. According to the SEC complaint, MCC made at least $8.1 million from the sale of mining packages and $3.2 million in initiation fees, which were used to support a luxury lifestyle that included Lamborghinis, a boat, and real estate.


"Bad actors cheat investors and impede the ability of genuine entrepreneurs to develop within this burgeoning field," said Assistant Attorney General Kenneth A. Polite, Jr. of the Justice Department's Criminal Division.


Capuci has been contacted by CNN Business for comment.


According to the DOJ news release, Capuci also promoted MCC's own cryptocurrency, "Capital Coin." Another fake MCC investment route, "Trading Bots," according to the release, operated at "extremely high frequency, being able to conduct hundreds of transactions per second," according to Capuci. According to the DOJ statement, Capuci stated that the Trading Bots would deliver daily returns.


According to the DOJ, Capuci reportedly allegedly conducted a pyramid scam, enlisting promoters to sell mining packages and giving them incentives ranging from Apple watches to Capuci's own Ferrari.


Capuci was charged with conspiracy to conduct wire fraud, securities fraud, and international money laundering by the Department of Justice. If convicted on all charges, he could face up to 45 years in jail. The matter is being investigated by the FBI Miami field office and Homeland Security Investigations.


Others have been accused by the Justice Department with conducting bogus bitcoin schemes this year. A federal grand jury in San Diego accused BitConnect's founder in February for allegedly running a $2.4 billion worldwide Ponzi scam.

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