John DeMarr Charged to Commit Securities Fraud

John DeMarr Charged to Commit Securities Fraud

U.S.-Based Promoter of Foreign Cryptocurrency Companies Charged in over $11 Million Securities Fraud Scheme

(STL.News) A California man was charged in a complaint unsealed for his alleged participation in a coordinated cryptocurrency and securities fraud scheme that used purported digital currency platforms and foreign-based financial accounts.

John DeMarr, 55, of Santa Ana, was charged in a complaint filed in the Eastern District of New York with one count of conspiracy to commit securities fraud.  DeMarr made his initial appearance this afternoon before U.S. Magistrate Judge John D. Early of the Central District of California.  Judge Early referred the case to the Eastern District of New York for further proceedings.

“The indictment alleges an elaborate scheme in which the defendant conspired to lure unsuspecting investors with fraudulent promises of large returns in the cryptocurrency market, only to divert millions of dollars for his own personal use,” said Acting Assistant Attorney General Nicholas L. McQuaid of the Justice Department’s Criminal Division.  “While the technologies and methods are constantly changing, the Criminal Division’s commitment to aggressively pursuing fraud in all its forms remains unchanged.”

“As alleged, DeMarr made misrepresentations and false promises that coaxed investors into pouring millions of dollars into fraudulent cryptocurrency schemes, all to facilitate his extravagant lifestyle,” said Acting U.S.

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