A pair of Valley men have been charged in a cryptocurrency investment scheme that allegedly scammed hundreds of victims out of money.
Luis Ortega, 42, of Litchfield Park, and Jeremie Sowerby, 45, of Fountain Hills, face more than 50 counts of wire fraud and transactional money laundering, according to a Thursday press release from the U.S. Attorney’s Office for the District of Arizona.
According to the release, Ortega and Sowerby marketed a Bitcoin mining investment as “risk-free,” promising giveaways and profits that could be accessed and liquidated immediately.
The two men instead sent money from victims to bank accounts they controlled to buy properties and vehicles.
Ortega and Sowerby could face up to 20 years in prison for the wire fraud charges and ten years for transactional money laundering charges.
The Federal Bureau of Investigation and IRS Criminal Investigation are investigating the case.