Dennis Galle, a former resident of Maryland, targeted African immigrants through the fraud, according to Bitcoin.com. He promised them to get returns from investing in Bitcoin and the foreign exchange market, known as Forex.
The US Commodity Futures Trading Commission, and the Securities and Exchange Commission, announced that Dennis Galle and two other accomplices were involved in the fraud crime.
Other defendants are Arly Ray Johnson and John Frimpong, both from Maryland. They misappropriated the funds by defrauding the investors, who contributed $28m to three companies from 2017 to 2020.
Firstly, Galle had released a video to attract investors to his projects related to Bitcoin and Forex. He demonstrated his skill in granting the largest possible returns to investors.
He claimed that he achieved a gain of 400% in just six weeks. His wife did not have to work even for one day given the profits he earns.
Secondly, the investors signed “safe contracts” that promised guaranteed returns of up to 30% per month.
Meanwhile, the defendants informed the investors they would be able to fully recover their money at the end of the investment period.
Despite his promises to investors, Galle did not make any real investments in Bitcoin or Forex.
He deceived depositors of his success in achieving profits valued $18m. His collaborators in the fraud process even bought luxury cars.
The US Attorney General convicted Galle with fraud. Subsequently, he fled the US in May 2019 .
However, the police arrested him in South Africa on federal charges of conspiracy, cyber fraud, stock fraud, and money laundering.