LOS ANGELES, California ( MyCaliforniaNews.com ) — Two Southern California men have been indicted for allegedly defrauding investors of over $22 million through cryptocurrency schemes known as “rugpulls.”
Gabriel Hay, a 23-year-old from Beverly Hills, and Gavin Mayo, a 23-year-old from Thousand Oaks, face multiple charges including conspiracy to commit wire fraud, wire fraud, and stalking.
The indictment, unsealed today, accuses Hay and Mayo of soliciting funds for digital asset projects, such as nonfungible tokens (NFTs), and then abandoning these projects while retaining investors’ funds, according to a press release from the United States Attorney’s Office. Their arraignments are scheduled for this afternoon in United States District Court in downtown Los Angeles…